Palm Oil Heads for Solid Weekly Gain as Indian Demand Supports

Malaysian palm oil futures inched higher, hovering near MYR?4,670 per tonne after a strong rally, supported by firmer edible oils in Dalian and Chicago and brisk Indian buying, with refiners securing about 150,000 tonnes in just three days amid tight sunflower oil supplies ahead of November’s festive demand. Traders also awaited Malaysia’s 2027 stats budget for potential industry support and monthly data from the Malaysian Palm Oil Board for further direction. However, gains were capped by a stronger ringgit and softer crude oil after U.S. President Trump said Washington would not attack Iran before next month’s U.S. elections. Reuters projected Malaysian inventories to hit a record high in September, surpassing the 2018 peak, as rising output outpaced sluggish exports. Cargo surveyors estimated shipments fell 17.1%—28.8% month-on-month, underscoring weak demand. Despite headwinds, futures were on track for a weekly rise of near 3%, recovering from weakness in the prior two periods.