referring to A weaker ringgit, palm's currency of trade, typically lends support to the edible oil by making it cheaper for foreign buyers. "Palm prices earlier weakened on China's palm olein," said a futures trader in Kuala Lumpur, referring to the palm contract on the Dalian Commodity Exchange. Palm oil prices are usually affected by the performance of other edible oils that compete for a share in the global vegetable oils market. The Chicago December soybean oil contract edged down by 0.1 percent, as did the September soybean oil contract on China's Dalian Commodity Exchange. The Dalian September palm oil contract declined by 0.7 percent.
collected by :Frank Ithan
Malaysian palm oil price edges down on overnight soyoil losses - Business News
KUALA LUMPUR: Malaysian palm oil futures edged down slightly at the close of trade on Tuesday, tracking overnight losses in soyoil, but remained largely range-bound as a weaker ringgit offset losses, traders said. A weaker ringgit, palm's currency of trade, typically supports the tropical oil by making it cheaper for holders of other currencies. Cargo surveyor Societe Generale de Surveillance reported an 8.8 percent decline in Malaysian palm oil exports for the July 1-15 period, versus a 23.1 percent fall in the June 1-10 period. Meanwhile, the September soybean oil contract on China's Dalian Commodity Exchange rose 0.7 percent and the Dalian September palm oil contract was also up 0.7 percent. Palm oil prices are usually affected by the performance of other edible oils that compete for a share in the global vegetable oils market.KLCI moves higher as oil prices, ringgit firm up - Business News
referring to KUALA LUMPUR: Bursa Malaysia continued its its rally on Tuesday even as investor sentiment turned optimistic on high expectations for Wall Street's corporate earnings season.At 12.30pm, the FBM KLCI was up 7.77 points to 1,680.40. Trading volume was 1.02 billion shares worth RM969.02mil. There were 397 gainers versus 287 decliners and 360 counters unchanged.Leading the advance, Maxis added 11 sen to RM5.38. The counter rose 73 sen to RM9.86.LPI Capital, which announced dividends amid softer earnings yesterday, rose 16 sen to RM17.16.Taking a step back, Dutch Lady fell 28 sen to RM66.98, United Plantation dropped 18 sen to RM26.62 and Rapid lost nine sen to RM5.80.Oil prices were on the rise as oil workers in Norway prepared to strike after rejecting a proposed wage deal.WTI crude gained 21 cents to US$74.06 a barrel and Brent crude gained 36 cents to US$78.43 a barrel.In currencies, the ringgit strengthened 0.5% against the greenback to 4.0090. It was also 0.61% stronger against the Singapore dollar at 2.9601 and 1.35% firmer against the pound sterling at 5.3065.collected by :Frank Ithan
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