Malaysian palm oil falls on sluggish demand, higher supply

MG News | August 08, 2023 at 11:42 AM GMT+05:00

Add Mettisglobal as a Trusted Source on Google

0:00

August 08, 2023 (MLN): Malaysian palm oil fell on Thursday as the market weighed on sluggish demand and expectations of higher supply in Malaysia, the world's second-largest producer.

The benchmark palm oil contract is down by 0.98% to 3,735 ringgit a tonne.

The market is on the back foot on lackluster demand with key market India well covered for August, while seasonality production is picking up in Malaysia, said Mitesh Saiya, trading manager at Mumbai-based firm Kantilal Laxmichand & Co, as Rueters reported.

Malaysia's palm oil inventories at the end of July likely rose to a five-month peak as higher production outweighed an increase in exports.

Investors await data from the Malaysian Palm Oil Board scheduled for Thursday.

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

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	168,155.49 146.93M	-0.29% -481.36
ALLSHR	101,821.25 491.54M	-0.27% -275.83
KSE30	50,151.61 66.23M	-0.22% -111.06
KMI30	240,694.06 56.00M	-0.34% -821.69
KMIALLSHR	65,906.19 236.46M	-0.35% -230.83
BKTi	46,796.32 10.20M	-0.20% -94.16
OGTi	34,362.14 4.89M	0.39% 134.82

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	85,495.00	85,495.00 84,680.00	905.00 1.07%
BRENT CRUDE	102.61	103.04 98.40	0.30 0.29%
RICHARDS BAY COAL MONTHLY	128.50	0.00 0.00	0.50 0.39%
ROTTERDAM COAL MONTHLY	140.00	143.25 140.00	-3.90 -2.71%
USD RBD PALM OLEIN	1,167.50	1,167.50 1,167.50	0.00 0.00%
CRUDE OIL - WTI	91.26	0.00 0.00	0.15 0.16%
SUGAR #11 WORLD	19.91	19.96 18.93	0.97 5.12%