Palm Oil Market Teeters as Export Data Looms, Supply Concerns Persist

Malaysian palm oil futures hover near MYR 4,600 per tonne, rebounding from recent losses as the market anticipates crucial export data. The Malaysian Palm Oil Council projects tight inventories for February, citing weak production and strong pre-Ramadan consumption. Prices are on track for a fourth consecutive weekly gain, up 1.9%. The council expects prices to climb to MYR 4,850 in coming weeks, supported by potential demand recovery from India and strengthening rival oil prices. Meanwhile, Indonesia reported a 24.1% drop in January palm oil exports to $1.44 billion, adding to market uncertainty. Traders remain cautious as they await further market signals.

 

Sources: Reuters, Trading Economics, Tridge