Palm falls on profit-taking, breaks four consecutive weekly gains in Malaysia

게시됨 2024년 10월 19일

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Malaysian palm oil futures experienced a weekly loss due to profit-taking, but traders expect the upcoming budget announcement and export data to support the market. The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange fell 0.49% to 4,257 ringgit ($989.54) a metric ton at close, marking a 2.14% decline this week. Factors such as China's economic data and stronger crude oil futures, which make palm oil a more attractive biodiesel feedstock, were initially supportive. However, profit-taking later dampened gains. The ringgit, the currency of trade for palm oil, strengthened against the dollar, making the commodity more expensive for buyers holding foreign currencies.

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원본 콘텐츠

Malaysian palm oil futures booked a weekly loss on Friday due to profit-taking, though traders expect the Malaysian 2025 budget announcement and export data to support the market. The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange fell 21 ringgit, or 0.49%, to 4,257 ringgit ($989.54) a metric ton at the close. The contract declined 2.14% this week, breaking a four-week session of gains. China’s third-quarter economic data, together with firmer overnight Chicago soyoil trading, provided initial support to the palm market, but profit-taking later dampened gains, said Paramalingam Supramaniam, director at Selangor-based brokerage Pelindung Bestari. “The government is expected to table its budget (for) 2025 today, in which traders are expecting more goodies for the palm oil sector. Lower production added with better-than-expected exports will also likely continue to provide support,” he said. Cargo surveyors, Intertek Testing Services and ...

출처: Hellenic Shipping News