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Palm Oil Market & Updates | April 01, 2024

Malaysian Palm Oil Futures Decline Amidst Global Concerns

Malaysian palm oil futures market are off to a strong start this Monday, aligning with the upward trajectory seen in soyoil and palm oil contracts at the Dalian Commodity Exchange, as well as the surge in soyoil prices at the Chicago Board of Trade.The benchmark palm oil contract for June delivery on the BMD Exchange showed significant gains, rising by 93 ringgit, marking a 1.79% increase to reach 4,266 ringgit ($895.36) per metric ton during the morning trading session.


Month Last Open Change High Low
Apr’24 4418 4360 93 4420 4351
May’24 4338 4308 72 4338 4272
Jun’24 4266 4235 72 4269 4201
Jul’24 4187 4155 78 4189 4123


Click Here To View March 26, 2024 Report

Interconnectedness in Global Vegetable Oils Market

Palm oil, being a significant player in the global vegetable oils market, is inevitably influenced by the price movements of related oils as they vie for market share.

Robust Export Figures for Malaysian Palm Oil Products

According to cargo surveyor Intertek Testing Services, exports of Malaysian palm oil products for March showcased a remarkable increase of 20.5%,.

Total Palm Exports Comparison, by Month

Month Total Net Change m/m %
March 1,333,138 227,084 20.5
February 1,106,054 -180,455 -14
January 1,286,509 -92,421 -6.7

Currency Dynamics and Market Influence

The Malaysian ringgit, which serves as palm oil’s currency of trade, exhibited a marginal weakening against the dollar. A depreciating ringgit enhances the attractiveness of palm oil for foreign currency holders.

Palm Products Export Comparison

Palm Product March Feb
Crude palm oil 278,670 242,605
RBD palm oil 128,040 102,345
RBD palm olein 393,673 292,909
RBD palm stearin 83,615 72,470
Crude palm kernel oil 22,740 8,690
Palm fatty acid distillate 60,745 30,080

Top Palm Markets Comparison

Destination March Feb
European Union 272,935 319,280
China 89,385 88,170
India & subcontinent 311,130 218,115

Technical Analysis Insights

According to Reuters’ technical analyst Wang Tao, palm oil may surpass the resistance level at 4,242 ringgit per metric ton and continue to ascend. This projection comes as the correction from the high observed on March 15th, which stood at 4,327 ringgit, appears to have reached its conclusion.

In conclusion, Malaysian palm oil market reveals a delicate interplay of domestic and global factors. As, these uncertainties, a comprehensive understanding of the evolving dynamics for Palm trade in Neutral To Bullish Position due to narrow gap between rival soft edibles oils, it may hovering in the range of MYR3,700 to MYR4,300 per ton.