Palm oil rises on expectations of soft December output

News Image

MG News | December 23, 2021 at 09:37 AM GMT+05:00

0:00

December 23, 2021: Malaysian palm oil futures rose for the third straight session on Thursday amid expectations of a softer December output due to torrential rains that began last week and caused floods in eight states in Malaysia.

The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange rose 1.30% to 4,506 ringgit ($1,071.58) in early trade.

Palm gained 3.73% over the past two days and rose 1.57% in overnight trade.

FUNDAMENTALS

Dalian's soyoil contract for May delivery rose 1.59%, while its palm oil contract gained 1.60%. Soybean oil prices on the Chicago Board of Trade for May delivery were down 0.16%.

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

Oil prices rose overnight after a larger-than-expected drawdown in U.S. inventories, shaking off worries about the likely hit to economic activity from the spread of the Omicron coronavirus variant.

Stronger crude oil futures typically make palm a more attractive option for biodiesel feedstock.

Palm oil may test a resistance at 4,555 ringgit per tonne, a break above which could lead to a gain into the 4,625-4,676 ringgit range.

Reuters

Related News

Name Price/Vol %Chg/NChg
KSE100 135,939.87
307.74M
-0.41%
-562.67
ALLSHR 84,600.38
877.08M
-0.56%
-479.52
KSE30 41,373.68
101.15M
-0.43%
-178.94
KMI30 191,069.98
82.45M
-1.17%
-2260.79
KMIALLSHR 55,738.07
422.01M
-1.03%
-577.24
BKTi 38,489.75
45.79M
-0.02%
-8.33
OGTi 27,788.15
6.87M
-1.24%
-350.24
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 116,725.00 120,695.00
116,090.00
-3510.00
-2.92%
BRENT CRUDE 68.79 69.41
68.60
-0.42
-0.61%
RICHARDS BAY COAL MONTHLY 96.50 96.50
96.50
0.50
0.52%
ROTTERDAM COAL MONTHLY 104.50 104.50
104.25
-2.05
-1.92%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 66.65 67.13
66.22
-0.33
-0.49%
SUGAR #11 WORLD 16.56 16.61
16.25
0.26
1.60%

Chart of the Day


Latest News
July 15, 2025 at 05:46 PM GMT+05:00

Labubu Mania drives Pop Mart’s profit surge


July 15, 2025 at 05:22 PM GMT+05:00

Big industry output rises 2.29% in May


July 15, 2025 at 04:22 PM GMT+05:00

SYS set for 71% profit surge on global tailwinds



Top 5 things to watch in this week

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