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Stronger crude oil supports biodiesel-linked demand, but a firmer ringgit, weaker exports, and mixed rival oils keep Malaysian palm futures stuck in a tight range.
Palm oil prices are basically treading water: Malaysian July futures hovered near 4,534 ringgit a ton as higher crude oil offered support, but a stronger ringgit and weaker exports capped gains.
What does this mean?
Palm oil often follows energy markets because pricier crude can make biodiesel – a fuel partly made from vegetable oils – more attractive. Crude has climbed for days on fears of tighter supply after reports the US will keep restricting Iranian-linked shipping, which can lift biofuel demand and, in turn, support palm oil. But Malaysia’s ringgit has strengthened against the US dollar, which makes the country’s exports more expensive for overseas buy..
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Source: Online/OFA
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