Commodities
Malaysian Palm Oil Prices Climb on Higher Crude Oil
Palm oil prices rose for a second consecutive session on September 15, driven by gains in crude oil prices. The November contract on Bursa Malaysia Derivatives closed at 4,883 ringgit/t ($1,196/t), up 0.68% from the previous day.
The market's support comes from higher crude oil prices following attacks on Saudi Arabia’s energy infrastructure and the shutdown of the East-West pipeline. This increases the competitiveness of palm oil as a feedstock for biodiesel production.
Indonesia's B50 biodiesel mandate and potential negative impacts from El Niño are also expected to tighten supply next year, further supporting prices.