CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Please refer to our Risk Disclosure Statement
Open platformOpen platform

Palm rises for second session on firmer rival Dalian

By Reuters News

KUALA LUMPUR, Nov 12 (Reuters) - Malaysian palm oil futures opened higher on Thursday for a second straight session, as firmer rival Dalian oils provided support, though weaker crude oil and Chicago soyoil capped the gains.

The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange gained 15 ringgit, or 0.34%, to 4,425 ringgit ($1,087.22) a metric ton in early trade.

FUNDAMENTALS

  • Dalian's most-active soyoil contract rose 0.27%, while its palm oil contract added 1.33%. Soyoil prices on the Chicago Board of Trade were down 0.3%.

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

  • Oil prices dropped more than $1 as hopes for progress in peace talks over the Middle East and the Russia-Ukraine wars pressured the market. O/R

  • Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.

  • The ringgit , palm's currency of trade, weakened 0.15% against the dollar, making the commodity slightly cheaper for buyers holding foreign currencies.

  • Malaysia has lowered its December crude palm oil reference price, a change that maintains the export duty at 10%, a circular on the Malaysian Palm Oil Board website showed.

  • Indonesia's palm oil product exports are expected to reach around 35 million metric tons in 2026, chief economic minister Airlangga Hartarto told an industry conference.

  • Palm oil may test a resistance zone of 4,471 to 4,489 ringgit per metric ton, a break above which could lead to a gain into the 4,519-4,567 ringgit range, Reuters technical analyst Wang Tao said. TECH/C

MARKET NEWS

  • Global stocks wobbled at the start of Asian trade, while Nvidia shares plunged in after-hours trading on news that its board may oust longtime CEO Jensen Huang. MKTS/GLOB

DATA/EVENTS

0700 UK GDP Est 3M/3M Sep

0700 UK GDP Estimate MM, YY Sep

0700 UK Services MM, YY Sep

0700 UK Manufacturing Output MM Sep

0700 UK GDP Prelim QQ, YY Q3

1330 US Initial Jobless Clm 7 Nov, w/e

1500 US Existing Home Sales Oct

($1 = 4.0700 ringgit)


cpo https://tmsnrt.rs/4eu9EHj

Capital Com is an execution-only service provider. The present material must be regarded as marketing communication and should not be interpreted as investment research or investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page, then you do so entirely at your own risk