Palm oil drops to three-month low on weak demand, rising output

MG News | September 21, 2023 at 01:24 PM GMT+05:00

Add Mettisglobal as a Trusted Source on Google

0:00

September 21, 2023 (MLN): Malaysian palm oil fell on Thursday due to weak demand and rising output, with losses in soybean oil putting further downward pressure.

The benchmark palm oil contract is down by 1.83% to 3,652 ringgit a tonne, which is the lowest level since June.

Moreover, Soyoil fell for a fourth day to the lowest since August.

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

Palm succumbed to selling pressure in US soyoil and Dalian vegetable oil markets, while demand remains a major concern, according to Paramalingam Supramaniam, a director at Pelindung Bestari, a Selangor-based broker, as Bloomberg reported.

Prices are further weighed by rising production in the second-biggest grower Malaysia, especially in its top-producing states of Sabah and Sarawak, he said.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	170,765.22 212.46M	0.16% 266.28
ALLSHR	103,241.06 481.66M	0.13% 137.96
KSE30	50,813.89 65.25M	0.15% 74.20
KMI30	244,391.30 71.96M	0.08% 186.13
KMIALLSHR	66,928.26 309.74M	0.08% 55.24
BKTi	47,274.31 12.11M	0.30% 141.41
OGTi	35,009.43 4.22M	0.13% 46.86

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	84,550.00	84,565.00 84,120.00	130.00 0.15%
BRENT CRUDE	104.38	106.59 103.11	-2.22 -2.08%
RICHARDS BAY COAL MONTHLY	123.00	0.00 0.00	-0.55 -0.45%
ROTTERDAM COAL MONTHLY	136.55	137.10 133.60	0.65 0.48%
USD RBD PALM OLEIN	1,167.50	1,167.50 1,167.50	0.00 0.00%
CRUDE OIL - WTI	92.44	94.75 91.51	-2.17 -2.29%
SUGAR #11 WORLD	18.54	18.75 18.43	-0.07 -0.38%