Palm Oil Futures Steady for Second Consecutive Days, Trade Above MYR 3,700

MALAYSIA, Sept. 26 – Malaysian palm oil futures were trading above MYR 3,700 per ton for the second consecutive days, moving away from their lowest level in three months of around MYR 3,670 hit last week, supported by gains in rival oils and strong export data, the Trading Economics reports.

Shipments of Malaysian palm oil products for Sept. 1-25 increased by 17.5% from the same period in August to 1.1 million tons, cargo surveyor Intertek Testing Services said.

Independent inspection company AmSpec Agri Malaysia reported that exports of palm oil products grew by 15.2% to 1.09 million tons.

Meantime, a worsening drying trend may emerge in October for top producer Indonesia, according to Refinitiv Commodities Research.

In India, palm oil imports in August rose about 3.9% from the prior month to a 9-month high of 1.13 million.

Limiting the rise was a caution ahead of manufacturing PMI data for September in China this week after August print from officials showed factory activity shrank for a fifth straight month.