Palm tracks rival soyoil higher ahead of export data

News Image

MG News | October 20, 2021 at 09:48 AM GMT+05:00

October 20, 2021: Malaysian palm oil futures rose on Wednesday, reopening after a one-day public holiday, with prices jumping on firmer soyoil and tight supply worries ahead of Oct 1-20 export data.

The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange gained 59 ringgit, or 1.19%, to 5,003 ringgit ($1,204.53) a tonne during early trade.

FUNDAMENTAL

Cargo surveyors are scheduled to release Oct 1-20 export data later in the day. Traders are expecting exports to remain low after shipments during Oct. 1-15 saw an 11%-18% monthly decline.

The Southern Peninsula Palm Oil Millers' Association (SPPOMA) estimated Oct. 1-15 production in some parts of Malaysia declined 0.2% from the month before, traders said on Monday.

Dalian's most active soy oil contract rose 0.3%, while its palm oil contract gained 0.2%. Soyoil prices on the Chicago Board of Trade were also up 0.3%.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

Palm oil may test a resistance zone of 5,032-5,048 ringgit per tonne, a break above which could lead to a gain into a range of 5,187-5,274 ringgit, Reuters technical analyst Wang Tao said.

Reuters

Related News

Name Price/Vol %Chg/NChg
KSE100 178,262.34
385.16M
4.23%
7241.13
ALLSHR 107,837.44
1,028.26M
3.85%
4001.05
KSE30 53,347.67
160.21M
4.70%
2395.68
KMI30 251,510.37
142.71M
4.52%
10876.50
KMIALLSHR 69,173.86
484.44M
3.91%
2601.11
BKTi 51,064.73
51.74M
4.91%
2391.50
OGTi 35,248.42
10.48M
4.59%
1546.17
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 64,535.00 66,075.00
63,875.00
320.00
0.50%
BRENT CRUDE 89.64 93.60
87.55
-7.14
-7.38%
RICHARDS BAY COAL MONTHLY 105.75 0.00
0.00
-1.55
-1.44%
ROTTERDAM COAL MONTHLY 120.00 120.00
120.00
-0.25
-0.21%
USD RBD PALM OLEIN 1,175.00 1,175.00
1,175.00
0.00
0.00%
CRUDE OIL - WTI 83.18 86.20
82.12
-6.13
-6.86%
SUGAR #11 WORLD 14.59 14.75
14.54
-0.18
-1.22%

Chart of the Day


Latest News
July 27, 2026 at 04:39 PM GMT+05:00

Gold price in Pakistan rises Rs4,000 per tola


July 27, 2026 at 04:33 PM GMT+05:00

PSX Closing Bell: Good Times Roll


July 27, 2026 at 04:32 PM GMT+05:00

PKR holds firm, extends winning run against USD



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg