Malaysian palm oil futures hold near MYR 5,000 per tonne

Malaysian palm oil futures extended their climb and were hovering around MYR 5,000 per tonne, supported by a weaker ringgit and firmer edible oil prices in Dalian and Chicago. Crude oil’s rally, driven by fears of prolonged Middle East conflict and supply risks, added to the move, while an unusually severe El Niño has deepened dry conditions across Southeast Asia and triggered fires and haze in Borneo and Sumatra, with more than 202,000 hectares reportedly burned. 9% from July, while inventories rose to a five-month high.

In India, heavy vegetable-oil buying has clogged major ports, delaying vessel unloading by up to 10 days as storage tanks overflow and refiners struggle to clear cargo, a bottleneck that could weigh on near-term import demand.