Palm Oil Soars 11% On Week


Malaysian Palm Oil: Rose to above the MYR 3,775 per tonne mark in early October, extending its rebound from a 1-1/2-year low of MYR 3,220 hit in the end of September and set to gain 11% on the week, tracking higher prices for other vegetable oils as the rally in crude oil raises demand for biodiesel feedstock.

Robust demand is also seen higher in China amid hopes that Covid-induced restrictions could ease.

Exports of Malaysian palm oil products for September rose by roughly 10% compared to August, cargo surveyor Intertek Testing Services said, while independent inspection company AmSpec Agri Malaysia reported a similar rise for that period.

Meanwhile, rival Indonesia’s palm oil exports are poised to surge in the year’s second half after the country scrapped export levies. Investors now await key Malaysian inventory data set to be released on Tuesday after a long-weekend as the Bursa Malaysia is closed on Monday