Malaysian palm oil futures climbed more than 1% to above MYR 4,500 per tonne on Thursday, rebounding from declines in the previous two sessions. Prices were supported by a weaker ringgit and firmer edible oil markets in both Dalian and Chicago. Sentiment also improved alongside gains in crude oil, helped by expectations of a de-escalation in the Middle East conflict.
Stronger export figures added further support. Cargo surveyors estimated that Malaysian palm oil shipments for March 1–25 jumped between 38.4% and 50.6% from the same period in February, signaling solid post-Eid demand and spurring fresh buying interest.
However, the upside was tempered by forecasts that imports from top buyer India may fall to around 680,000 tonnes in March, compared with 847,689 tonnes in February. In Indonesia, the world’s largest producer, export taxes may be removed in April as authorities move to speed up implementation of the B50 biodiesel mandate.
