Malaysian palm oil futures hover near MYR 4,920
Malaysian palm oil futures extend gains, trading around MYR 4,920 per tonne and near the highest level since early April, supported by firmer Dalian edible oils and higher crude amid Middle East attacks.
Malaysian palm oil futures extended their upward momentum, hovering around MYR 4,920 per tonne and holding near their highest level since early April.
Firmer edible oils on the Dalian Commodity Exchange supported sentiment, while elevated crude oil prices provided additional support amid sporadic attacks in the Middle East.
Meanwhile, the Malaysian Palm Oil Council projected palm oil prices to remain firm above MYR 4,600 in September, citing tightening supply and trade disruptions.
However, high inventories could limit further gains, with Malaysian palm oil stocks climbing to a five-month high in July.
In India, record soyoil imports expected in August could weigh on palm oil demand, as refiners may favor cheaper soyoil ahead of the festive season.
Export signals were also mixed.
Intertek estimated shipments fell 7.9% during August 1—15 from the same period in July, while AmSpec reported a 3.2% increase, underscoring uncertainty over near-term demand and keeping traders cautious.