30.12.202504:27:53UTC+00Palm Oil Rises on Bargain-Hunting, Export Support

Malaysian palm oil futures hovered around MYR 4,070 per tonne on Tuesday, recovering slightly from a dip to MYR 4,030 in the previous session, thanks to bargain-hunting activities. The sentiment across the oilseed complex was bolstered by stronger edible oils in both Dalian and Chicago. Additionally, export demand showed signs of stabilizing, as cargo surveyors reported an increase of 1.6% to 3% in shipments for the period from December 1 to 25 compared to November. India's palm oil purchases in November, the highest in the world, saw a 5% rise due to more attractive pricing. In Indonesia, the leading global producer, issues over tariffs with the U.S. have been resolved, with a forthcoming deal anticipated in late January that may allow tariff exemptions for certain products, such as palm oil. However, gains were limited by a robust ringgit, which impacted export competitiveness. Year-end projections indicate a decline of about 8.5% in contracts, reversing last year's strong performance, due to ample supply and concerns about weakening global demand. Markets are scheduled to remain open on December 31.