FX.co ★ Palm Oil Rises for 5th Session but Stocks, Output Weigh

Malaysian palm oil futures have surpassed MYR 3,900 per tonne, marking the fifth consecutive session of gains, driven by the strength in competing oils on the Chicago Board of Trade. Concurrently, crude oil prices saw a significant upturn following a U.S. court decision to block tariffs imposed during President Trump's administration, which has buoyed overall market sentiment. Additionally, the outlook for stronger exports in May has gained momentum, with cargo surveyors reporting an estimated increase in shipments ranging from 7.3% to 11.6% for the period of May 1–25, compared to the same timeframe in April. A weaker ringgit has enhanced the appeal for foreign purchasers, while demand from India's leading import market is expected to grow this month. Prices are in the midst of a recovery effort after falling to their lowest point in more than seven months earlier in May, pressured by projections of rising stockpiles and output. Factors such as replanting activities, favorable weather, and improved practices among smallholders are likely to sustain production growth, potentially limiting gains in the short term.