FX.co ★ Palm Oil Stabilizes After Four-Day Drop

Malaysian palm oil futures stabilized around MYR 4,250 per tonne following a four-day downturn, as traders evaluated mixed global and domestic signals. The meeting between U.S. President Trump and Chinese President Xi Jinping in Busan, South Korea, focused on trade and tariffs but ended without any specific outcomes disclosed. Trump expressed optimism, stating that a trade agreement with China could occur "pretty soon," although he acknowledged Xi's negotiation skills. Market participants are also anticipating China's upcoming PMI data, which could provide further insights into consumption patterns. Concurrently, the depreciation of the ringgit and the rise in Dalian soyoil spurred some bargain buying after prices hit a 12-week low the previous day. In Indonesia, the leading palm oil producer, stockpiles dropped by 1% from the previous month to 2.54 million metric tons in August, according to the nation's palm oil association, GAPKI. Nevertheless, GAPKI has revised its full-year production forecast upwards to approximately 56 million metric tons, surpassing earlier predictions.