Palm Oil Futures Soar to One-Week High Amid Supply Concerns

Malaysian palm oil futures surged near 2% to MYR 4,900 per tonne as markets reopened after a holiday. This marked a one-week high and built on the previous session's gains.

The rally was driven by firmer edible oils on the Dalian and Chicago exchanges, along with a weaker ringgit. Stronger crude oil prices also provided support amid concerns over potential supply disruptions.

However, the gains were tempered by weak export demand and ample supplies. Cargo surveyors estimated Malaysian palm oil exports fell between 11.4% and 20% during August 1-25 from the same period in July, while inventories climbed to a five-month high in July.