Palm Oil Rises for 3rd Session

Malaysian palm oil futures rose about 1% to around MYR 4,600 per tonne, advancing for the third session while holding at their highest since early March. Prices were supported by a weaker ringgit and stronger rival Dalian edible oils, alongside firmer exports, with cargo surveyors reporting shipments up 6.5% to 21.3% in the first half of August from a month earlier. Expectations of festive-driven demand from top buyer India also underpinned sentiment, after July imports fell 10.5% due to higher duties on crude palm oil and refined palm olein, raised to 19.25% from 8.25%. In China, authorities pledged targeted support for the economy, a move seen as broadly supportive for edible oil demand in the world’s second-largest palm oil importer. Still, further gains were capped by stronger supply prospects, with July output rising 7.1% to 1.81 million tons and inventories at a near two-year high of 2.11 million tons. Meanwhile, oil prices eased on the possibilities of a Russia–Ukraine meeting.