Malaysian palm oil futures stay above MYR 4,800

Malaysian palm oil futures extended recent gains, hovering above MYR 4,800 per tonne and reaching their highest level since early April.

Firmer edible oils on the Dalian and Chicago markets supported sentiment, while higher crude oil prices provided an additional boost as prospects for a deal to end the Middle East war appeared increasingly distant.

However, a stronger ringgit limited further gains.

Elevated inventories also remained a headwind, with Malaysia’s palm oil stocks rising to a five-month high in July as production outpaced exports.

In top consumer India, record soyoil imports expected in August could weigh on palm oil demand, as competitive prices encourage refiners to favor the cheaper alternative ahead of festive demand.

Export signals were mixed, with Intertek Testing Services estimating Malaysian palm oil product shipments fell 7.9% in August 1—15 from a month earlier, while AmSpec Agri Malaysia reported a 3.2% increase.