Palm rises on firmer commodity prices, crude
Malaysian palm oil futures rose for a fourth straight session, hitting a three-month high on strong crude oil and edible oil prices. A weaker ringgit added support, while market optimism grew ahead of the February Price Outlook Conference, with technical resistance seen near 4,316 ringgit per tonne.
JAKARTA: Malaysian palm oil futures extended gains for a fourth straight session on Thursday, supported by firm commodity prices and crude, reaching their highest level in three months.
The benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange gained 35 ringgit, or 0.82%, to 4,307 ringgit ($1,095.93) a metric ton by the midday break.
“Today’s palm market is being supported by firm commodity prices; crude oil, soyoil at Dalian.
The benchmark tested (a) morning high of 4,315 ringgit, its highest level since October 28, 2025,“ a Kuala Lumpur-based trader said.
Prices remain well supported amid market anticipation of the upcoming Price Outlook Conference in Kuala Lumpur over February 9-11, the trader added.
Dalian’s most-active soyoil contract rose 0.77 while its palm oil contract gained 1.17%. Soyoil prices on the Chicago Board of Trade were up 0.66.
Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market.
The ringgit, palm’s currency of trade, weakened 0.38%against the dollar, making the commodity cheaper for buyers holding foreign currencies.
Oil prices rose more than 1.5% in Asian trade, extending gains for a third day on Thursday, on increasing concerns the US may carry out a military attack on key Middle Eastern producer Iran that could disrupt supply from the region.
Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.
Palm oil may test resistance at 4,316 ringgit per ton, a break above which could lead to a gain into the 4,343 ringgit to 4,387 ringgit range, Reuters’ technical analyst Wang Tao said.
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Source : Business Recorder
