Palm oil dip on heavy selling, Dalian weakness

News Image

MG News | December 26, 2024 at 12:51 PM GMT+05:00

0:00

December 26, 2024 (MLN): Malaysian palm oil futures slipped on Thursday after the Christmas break, weighed down by heavy selling and weakness in Dalian palm olein, as Reuters reported.

The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange slid 12 ringgit, or 0.26%, to 4,546 ringgit ($1,017.69) a metric ton at the midday break.

The contract rose 2.82% on Monday and Tuesday.

Crude palm oil futures opened lower, pressured by heavy morning selling and overnight weakness in Dalian palm olein, a Kuala Lumpur-based trader said.

Dalian’s most-active soy oil contract fell 0.16% and its palm oil contract shed 0.48%.

The Chicago Board of Trade will reopen for trading at 1430 GMT.

Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market.

Cargo surveyor Intertek Testing Services estimates exports of Malaysian palm oil products for Dec. 1-25 to have fallen 4% from 1.2004 million metric tons shipped during Nov. 1-25.

Indonesia’s October palm oil exports at 2.89mn metric tons, industry group says

Amspec Agri is expected to release its export estimates later in the day.

Oil prices edged higher in thin holiday trading, driven by hopes for additional fiscal stimulus in China, the world’s biggest oil importer, while an anticipated decline in US crude inventories also provided support.

The ringgit, palm’s currency of trade, strengthened 0.38% against the US dollar, making the commodity more expensive for buyers holding foreign currencies.

Palm oil may bounce further into the 4,624-4,684 ringgit per metric ton range as it has climbed a falling channel, Reuters technical analyst Wang Tao said.

Copyright Mettis Link News

 

Related News

Name Price/Vol %Chg/NChg
KSE100 136,146.37
298.29M
-0.26%
-356.17
ALLSHR 84,705.21
848.26M
-0.44%
-374.70
KSE30 41,428.10
97.39M
-0.30%
-124.52
KMI30 191,269.53
78.62M
-1.07%
-2061.23
KMIALLSHR 55,793.56
408.99M
-0.93%
-521.75
BKTi 38,555.93
44.33M
0.15%
57.85
OGTi 27,809.12
6.63M
-1.17%
-329.26
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 117,100.00 120,695.00
116,660.00
-3135.00
-2.61%
BRENT CRUDE 68.93 69.37
68.60
-0.28
-0.40%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
0.25
0.26%
ROTTERDAM COAL MONTHLY 106.50 0.00
0.00
-0.05
-0.05%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 66.60 67.09
66.27
-0.38
-0.57%
SUGAR #11 WORLD 16.43 16.44
16.25
0.13
0.80%

Chart of the Day


Latest News
July 15, 2025 at 03:14 PM GMT+05:00

EU faces 30% tariffs as Trump issues ultimatum


July 15, 2025 at 02:33 PM GMT+05:00

PACRA maintains entity ratings of Pak Elektron Ltd


July 15, 2025 at 02:11 PM GMT+05:00

Bank deposits increase 8.5% to Rs35.5tr in Jun


July 15, 2025 at 01:01 PM GMT+05:00

Zarea Board approves UAE subsidiary incorporation



Top 5 things to watch in this week

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