Palm trades sideways on stronger early Feb exports
MG News | February 16, 2022 at 09:06 AM GMT+05:00
February 16, 2022: Malaysian palm oil futures traded sideways early Wednesday as the most active contract rolled over to a new month, underpinned by a surge in early February exports but weighed by weak crude futures.
The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange lost 7 ringgit, or 0.13%, to 5,467 ringgit ($1,305.71) a tonne by 0303 GMT.
FUNDAMENTALS
Exports of Malaysian palm oil products for Feb. 1-15 rose between 18.8% and 23.6% from the previous month, rebounding from a dismal performance in January, according to data by cargo surveyors on Tuesday.
India has raised the base import prices of palm oil, soyoil, gold and silver, the government said in a statement late on Tuesday, as prices jumped in the overseas market.
Dalian's most-active soyoil contract fell 0.5%, while its palm oil contract lost 0.3%. Soyoil prices on the Chicago Board of Trade were up 0.4%.
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 break a support at 5,359 ringgit per tonne and fall to 5,217 ringgit, Reuters technical analyst Wang Tao said.
MARKET NEWS
Asian shares rallied on Wednesday as fears of a Russian invasion of Ukraine this week dissipated after Moscow indicated it was returning some troops to base, delivering investors a measure of relief.
Oil pared some losses in early Asian trading on Wednesday after an over 3% fall the previous day, as investors weighed an easing Russia-Ukraine tension against overall tight global supplies.
Reuters
Related News
Name | Price/Vol | %Chg/NChg |
---|---|---|
KSE100 | 138,412.25 167.69M | 0.32% 447.43 |
ALLSHR | 85,702.96 423.92M | 0.15% 131.52 |
KSE30 | 42,254.84 82.09M | 0.43% 180.24 |
KMI30 | 194,109.59 84.37M | 0.15% 281.36 |
KMIALLSHR | 56,713.67 217.03M | 0.03% 16.37 |
BKTi | 37,831.34 13.04M | 1.62% 603.62 |
OGTi | 27,440.63 3.93M | -0.09% -23.70 |
Symbol | Bid/Ask | High/Low |
---|
Name | Last | High/Low | Chg/%Chg |
---|---|---|---|
BITCOIN FUTURES | 117,755.00 | 119,740.00 116,460.00 | -540.00 -0.46% |
BRENT CRUDE | 73.51 | 73.63 71.75 | 1.00 1.38% |
RICHARDS BAY COAL MONTHLY | 96.50 | 0.00 0.00 | 2.20 2.33% |
ROTTERDAM COAL MONTHLY | 104.50 | 104.50 104.50 | -0.30 -0.29% |
USD RBD PALM OLEIN | 998.50 | 998.50 998.50 | 0.00 0.00% |
CRUDE OIL - WTI | 70.37 | 70.51 68.45 | 1.16 1.68% |
SUGAR #11 WORLD | 16.46 | 16.58 16.37 | -0.13 -0.78% |
Chart of the Day
Latest News
Top 5 things to watch in this week
Pakistan Stock Movers
Name | Last | Chg/%Chg |
---|
Name | Last | Chg/%Chg |
---|