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Commodities

Palm Oil Futures Rally on Tighter Supply, Strong Indian Demand

Guavy AI Editorial Team
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Oil
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Palm oil futures surged over 2-1/2% to around MYR 5,015 per tonne as trade resumed after a holiday in Malaysia.

A weaker ringgit and expectations of tighter supply underpinned sentiment, with Indonesia's B50 biodiesel mandate set to divert more palm oil to domestic use and El Niño risks clouding output in Indonesia and Malaysia.

Crude oil prices holding above USD 100 per barrel further boosted palm's appeal as a biodiesel feedstock.

In India, the world's largest palm oil consumer, August imports rose 7% month-on-month to 782,761 tonnes, the highest since February, as refiners replenished stocks ahead of the festival season between August and November.

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