14.01.202606:13:56UTC+00Palm Oil Rises Above MYR 4,100

Malaysian palm oil futures rose by approximately 1% to surpass MYR 4,100 per tonne on Wednesday, recovering from the previous session's downturn. This uptick was fueled by strengthened rival edible oil markets on the Dalian and Chicago exchanges, uplifting trader sentiment. Simultaneously, export opportunities improved in anticipation of the Lunar New Year and the onset of Ramadan in February. According to cargo surveyors, palm oil shipments from January 1 to January 10 surged by 17.7% to 29.2% compared to December. Demand indicators improved significantly in India, the world's largest importer, where buying activity is expected to rebound after reaching an eight-month low in December. Meanwhile, in China, another major consumer, goods imports in December experienced the largest rise in three months, suggesting stronger demand towards year-end. On the supply front, data from the industry regulator indicated a 5.5% month-on-month decline in December production, which helped support prices. However, the gains were moderated by a stronger Malaysian ringgit, uncertainty surrounding Indonesia's B50 biodiesel implementation, and caution as traders await export estimates for the first half of January, due later this week.