Palm Oil Rises Above MYR 4,450

Malaysian palm oil futures rose nearly 1% to above MYR 4,450 per tonne, reversing a modest decline in the previous session as trading resumed after holidays on Monday and Tuesday. Gains were supported by firmer edible oils in Dalian and Chicago markets. Also, signs of higher exports grew, with cargo surveyor data showing Malaysian palm oil exports for September 1–15 rose 2.6% from the same period in August to 742,648 tonnes. In top buyer India, imports surged 15.8% in August from July to 990,528 tonnes, the highest in over a year, as competitive pricing versus soyoil encouraged refiners to boost purchases ahead of the mid-October festive season, according to the Solvent Extractors’ Association of India. The group added that imports are expected to stay above 800,000 tonnes in September. However, a stronger ringgit capped further gains, while caution lingered amid the shortened trading week. Meanwhile, industry data showed end-August stocks rose 4.2% from July to 2.2 million tonnes.