Palm Oil Climbs to Highest Level Since April
Malaysian palm oil futures surged over 2% to around MYR 4,820 per tonne, marking their highest level since early April and rebounding from recent weakness. Firmer edible oils on the Dalian exchange lifted sentiment, while bargain hunting added support. Demand prospects improved as India’s edible oil imports hit a 10-month high in July, with refiners ...
Malaysian palm oil futures surged to a 10-month high of MYR 4,820 per tonne, up over 2%, on July 1. The jump came as edible oil prices on Dalian exchange rose, boosting optimism. Demand also improved due to India importing edible oils at a 10-month high that month. Refiners were stocking up on palm oil and soyoil ahead of festival season.
However, the rally was limited by the ringgit strengthening and weaker soyoil futures in Chicago. Meanwhile, Malaysia's palm oil inventories hit a five-month high in July as output exceeded exports. Exports were also weaker, with Intertek estimating a 7.9% drop in shipments during the first 15 days of August compared to July. Traders were getting cautious as China's July economic data, including retail sales and industrial output, would shed light on demand in another major market.
Written by urgent.news from Hellenic Shipping News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
