Malaysian palm oil futures rose to 9 ringgit/ton in Kuala Lumpur on April 4.318 (from 4.295 ringgit/ton the previous day), breaking a week-long downward trend.
The quotations were supported by higher global oil prices after hopes that talks between Israel and Hamas would lead to a ceasefire in the Gaza Strip and Mexico's plans to increase crude oil imports faded.
Additionally, Malaysian palm oil inventories are expected to fall to their lowest level in eight months at 1,79 million tonnes (-6,65% year-on-year) at the end of March, which also supported prices. The Malaysian Palm Oil Board (MPOB) plans to release its official estimates on April 15.
The price situation in this segment was also influenced by the prices of competing oils, which also fell last week, as India's rapeseed crop is likely to rise to a record 12,09 million tonnes in 2024 (+7% year-on-year). will reduce the country's need for edible oil imports.
Source: APKinform (Ukraine)