We focus on grains and food industry.
We focus on grains and food industry.
We focus on grains and food industry.
We focus on grains and food industry.
We focus on grains and food industry.
We focus on grains and food industry.
We focus on grains and food industry.
We focus on grains and food industry. current time
Palm oil prices rise as exports strengthen and India boosts imports
Malaysian palm oil prices remained around MYR 4,720 a tonne on Monday as stronger prices of other edible oils in Dalian and Chicago helped improve market sentiment. Better export demand also provided support to palm oil prices.
Malaysia’s palm oil shipments increased sharply in July. Exports rose 14.5% from the previous month to about 1.39 million tonnes, indicating stronger overseas demand for Malaysian palm oil.
India also emerged as an important source of support for the edible oil market. The country’s edible oil imports climbed to their highest level in 10 months as refiners stepped up purchases of palm oil and soybean oil ahead of the upcoming festive season. Higher buying from India helped strengthen expectations for demand in the international market.
However, gains in Malaysian palm oil were limited by a stronger ringgit, which can make palm oil more expensive for buyers holding other currencies.
At the same time, Malaysia’s palm oil supply remained comfortable. Palm oil inventories increased 3.32% from June to 2.63 million tonnes at the end of July. Production also rose significantly, gaining 9.41% month-on-month to 1.79 million tonnes.
The rise in both production and stocks suggests that supplies remain ample, which could restrict a sharper rise in prices despite stronger exports.
Market attention is now turning to Malaysia’s export estimates for the first 10 days of August. These figures are expected to provide fresh clues about the strength of overseas demand. July export shipments had already increased by between 12.1% and 19.5% compared with June, depending on the market tracking data.
In China, softer consumer and producer price inflation pointed to weak domestic demand, adding another factor for traders to monitor. For now, stronger exports and firm edible oil prices are supporting Malaysian palm oil, while rising production, higher stocks and currency movements are keeping a check on further gains.
