09.04.202603:30:02UTC+00Palm Oil Firms Ahead of Key Monthly Data

Malaysian palm oil futures traded above MYR 4,600 per tonne, rebounding from recent declines that had taken prices to a near two-week low. The recovery was driven by bargain hunting, a weaker ringgit, and firmer soyoil prices on the Chicago Board of Trade. Sentiment was further buoyed by a sharp rise in crude oil prices, amid mounting doubts over the durability of the two-week ceasefire between the U.S. and Iran, which lifted the broader commodities complex. Meanwhile, Reuters projected the steepest decline in Malaysian palm oil inventories in three years for March. In Indonesia, the world’s largest producer, a ministerial decree set out the implementation timeline for the country’s biofuel mandate. However, gains were limited by weakness in edible oils on the Dalian exchange and ongoing demand concerns in top buyer India, where palm oil imports fell 19% in March. Market participants also turned cautious ahead of key data releases, including the Malaysian Palm Oil Board’s monthly report and inflation figures from major consumer China, both scheduled for Friday.