Palm Oil Rallies Toward 4-Month High

Malaysian palm oil futures jumped nearly 2.0% to around MYR 4,290 per tonne, rebounding from a slight dip in the previous session amid strength in rival oils on the Chicago Board of Trade and the Dalian exchange. Prices approached their highest level in almost four months and were on track for the third consecutive weekly gain, up more than 2.5% so far. The strong upturn was supported by fresh data from Statistics Malaysia showing that palm oil exports in June surged around 25% year-on-year. However, further gains were constrained by weather-related risks in Malaysia, including floods in parts of the country that affect key palm-growing regions. Additionally, ample inventories in major importers like India and China raised concerns about near-term demand. On the tariff front, U.S. President Trump recently announced plans to notify over 150 trading partners of their levy rates ahead of an August deadline, adding a layer of uncertainty to global trade dynamics.