MNI China Daily Summary: Monday, November 25

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Ringgit Trades Flat Ahead Of Parliamentary Debate On Cooking Oil Subsidies

MYR

Spot USD/MYR trades at MYR4.4520, little changed on the day. A dip through Jul 18 low of MYR4.4330 would clear the way to the 50-DMA at MYR4.4100. Bulls eye Jul 19 high of MYR4.4585 for initial resistance, a break here would expose Apr 1, 2017 high of MYR4.5002.

  • Palm oil futures extended losses on Friday amid the prospect that Indonesia's efforts to ramp up shipments and a deal on the resumption of Ukrainian grain exports facilitate the increase in supplies of edible oils.
  • Economy Minister Mustapa Mohamed said state oil company Petronas is expected to contribute MYR55bn-59bn to the state coffers this year, if Brent oil remains at $100.03/bbl and production remains uninterrupted.
  • The Dewan Rakyat will consider subsidies for bottled pure cooking oil today as the government's inflation task force vowed to keep food prices in check. The anti-party hopping bill will be debated on Wednesday.
  • Malaysia's FX reserves shrank to MYR471bn, the lowest level since December 2020, according to bi-weekly data through July 15.
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