Palm oil futures hover near 20-week high
Malaysian palm oil futures extend gains near MYR 4,900 per tonne, reaching their highest level since early April, with support from firmer edible oils and crude oil prices.
Malaysian palm oil futures extended gains, trading near MYR?4,900 per tonne and reaching their highest level since early April.
Support came from firmer edible oils in Dalian and Chicago markets, alongside stronger crude oil prices amid continued uncertainty over shipping through the Strait of Hormuz and potential disruptions to global trade flows.
Meanwhile, the Malaysian Palm Oil Council projected prices to stay firm above MYR?4,600 in September, citing tightening supply and trade disruptions.
However, upside momentum was capped by elevated inventories, with July stocks climbing to a five-month high.
In India, record soyoil imports expected in August could dent palm oil demand, as refiners may favor cheaper soyoil ahead of festive-season consumption.
Export signals were mixed: Intertek reported shipments down 7.9% during August?1—15 from the same period in July, while AmSpec estimated a 3.2% rise, leaving traders cautious on near-term direction.