Malaysian palm oil futures extended their gains, trading near MYR 4,900 per tonne and touching their highest level since early April. Prices were supported by strength in other edible oils on the Dalian and Chicago exchanges, as well as firmer crude oil prices amid ongoing uncertainty over shipping through the Strait of Hormuz and the risk of broader disruptions to global trade flows.
The Malaysian Palm Oil Council expects prices to remain firm above MYR 4,600 in September, pointing to tightening supplies and trade-related disruptions. However, further upside has been constrained by high stock levels, with July inventories rising to a five-month peak.
In India, record soyoil imports expected in August could weigh on palm oil demand, as refiners may switch to cheaper soyoil ahead of the festive season. Export indicators also sent mixed signals: Intertek reported that shipments for August 1–15 were down 7.9% from the same period in July, while AmSpec estimated a 3.2% increase, leaving traders cautious about the near-term price outlook.
