Palm Oil Futures Flat as Traders Await Crucial Demand and Supply Data

Malaysian palm oil futures remained steady on Tuesday as traders waited for fresh cues from demand and supply data to be released by the Malaysian Palm Oil Board (MPOB) this week.

The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange closed at 4,977 ringgit ($1,226.77) a metric ton, down 1 ringgit or 0.02% from the previous day's close.

David Ng, a proprietary trader at Kuala Lumpur-based trading firm Iceberg X Sdn Bhd, attributed the market's stability to ongoing weather risk concerns and strength in soybean oil prices.

The release of MPOB's August demand and supply data on Thursday is expected to provide traders with valuable insights into the market's direction.