Palm Oil Prices Surge on Strong Export Demand and Firm Edible Oils

Palm oil prices surged on strong export demand and firmer edible oil prices in key markets. Malaysian palm oil futures traded near MYR 4,720 per tonne, snapping recent losses.

Strong export demand was a major factor behind the price gain, with July shipments rising 14.5% from June to 1.39 million tonnes, according to data from the Malaysian Palm Oil Board.

The uptick in exports was also driven by improved demand prospects in top buyer India, where edible oil imports hit a 10-month high in July ahead of the festive season.

However, a stronger ringgit capped the gain, limiting further price increases.