Palm Oil: Price Futures Float at 1 week Peak

MALAYSIA, Sept. 27 – The futures of Malaysia palm oil were trading close to MYR 3,750 a ton, getting closer to their highest level in a week, amid weaker ringgit and gains in rival oils.

However, exports of Malaysian palm oil products for Sept. 1-25 grew to 1.1 million tons indicating 17.5% increase from the same period in August, 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.

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.

Though, official data showed the EU 2023/24 palm oil imports stood at 821,115 tons by Sept. 24, relative to 902,142 tons same period in 2022.