Malaysian palm oil futures extended their gains, trading around MYR 4,920 per tonne and holding near their highest level since early April. Sentiment was supported by stronger edible oil prices on the Dalian Commodity Exchange and by elevated crude oil prices amid sporadic attacks in the Middle East.
The Malaysian Palm Oil Council expects prices to stay firm above MYR 4,600 in September, citing tightening supply and trade disruptions. Still, high inventories could cap further upside, with Malaysian palm oil stocks rising to a five-month high in July.
In India, record soyoil imports anticipated in August may dampen demand for palm oil, as refiners are likely to opt for cheaper soyoil ahead of the festive season. Export indicators also sent mixed signals: Intertek estimated that shipments for August 1–15 fell 7.9% from the same period in July, while AmSpec reported a 3.2% increase. The conflicting data highlight uncertainty over near-term demand and are keeping traders cautious.
