24.07.202604:03:23UTC+00Palm Oil Hits 15-Week High on Biodiesel Demand, India Outlook

Malaysian palm oil futures traded around MYR 4,750 per tonne, extending recent gains to reach their highest level since early April. Prices were supported by stronger edible oil markets in Dalian, a weaker ringgit, and firmer crude oil prices amid ongoing conflict in the Middle East. The contract was also set for a third consecutive weekly advance, up about 3.3% so far, underpinned by higher biodiesel blending mandates in Indonesia and Malaysia, which are expected to lift palm oil use as a biofuel feedstock.

In key consumer India, demand prospects improved after projections signaled higher edible oil imports between July and October, as tightening supplies ahead of the festive season are likely to drive additional palm oil purchases. Weather-related risks added further support after authorities in Kuala Lumpur warned that record-high temperatures could curb output next year. Export data for July 1–20 were mixed: AmSpec Agri reported shipments down 0.9% from June, while Intertek Testing Services recorded a 4.1% increase.