Palm drops more than 2% as Omicron variant worries weigh

News Image

MG News | December 02, 2021 at 09:25 AM GMT+05:00

0:00

December 2, 2021: Malaysian palm oil futures fell more than 2% on Thursday to hit their lowest in nearly two months, as concerns about the Omicron coronavirus variant and its impact overshadowed an industry forecast of lower November output.

The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange slid 99 ringgit, or 2.11%, to 4,585 ringgit ($1,085.72) a tonne in early trade, hitting its lowest since Oct. 4.

Heavily mutated Omicron is rapidly becoming the dominant variant of the coronavirus in South Africa less than four weeks after it was first detected there, and the United States on Wednesday became the latest country to identify an Omicron case within its borders.

The Southern Peninsula Palm Oil Millers' Association (SPPOMA) estimated November production fell 6.8% from the month before, traders said on Wednesday.

Top producer Indonesia will need to increase the bio-content of its palm oil-based biodiesel to 40% by 2024 or risk missing its renewable energy targets, a senior official said on Wednesday.

Dalian's most-active soyoil contract fell 0.6%, while its palm oil contract eased 0.5%. Soyoil prices on the Chicago Board of Trade were down 0.6%.

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 resume its drop towards 4,555 ringgit per tonne, as its consolidation around support at 4,676 ringgit may have completed, Reuters technical analyst Wang Tao said.

Reuters

Related News

Name Price/Vol %Chg/NChg
KSE100 134,299.77
290.06M
0.39%
517.42
ALLSHR 84,018.16
764.12M
0.48%
402.35
KSE30 40,814.29
132.59M
0.33%
132.52
KMI30 192,589.16
116.24M
0.49%
948.28
KMIALLSHR 56,072.25
387.69M
0.32%
180.74
BKTi 36,971.75
19.46M
-0.05%
-16.94
OGTi 28,240.28
6.19M
0.21%
58.78
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 118,140.00 119,450.00
115,635.00
4270.00
3.75%
BRENT CRUDE 70.63 70.71
68.55
1.99
2.90%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
1.10
1.14%
ROTTERDAM COAL MONTHLY 108.75 108.75
108.75
0.40
0.37%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 68.75 68.77
66.50
2.18
3.27%
SUGAR #11 WORLD 16.56 16.60
16.20
0.30
1.85%

Chart of the Day


Latest News
July 11, 2025 at 10:56 PM GMT+05:00

Gold price in Pakistan rises Rs2,300 per tola


July 11, 2025 at 05:49 PM GMT+05:00

PKR gains 10 paisa per USD


July 11, 2025 at 05:41 PM GMT+05:00

PSX Closing Bell: Bulls Serenade The Bourse


July 11, 2025 at 05:06 PM GMT+05:00

UBL doubles profit to Rs65bn in 1HCY25


July 11, 2025 at 04:19 PM GMT+05:00

Ideal Spinning Mills to exit spinning business



Top 5 things to watch in this week

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