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2026-05-26 21:18:29
[Strong Crude Oil Prices and Weak Production Outlook Support Malaysian Palm Oil Futures, Weak Exports Limit Gains] ⑴ Malaysian palm oil futures closed higher on Tuesday, supported by a sharp rise in crude oil prices and a weak outlook for Malaysian palm oil production, traders said, boosting market sentiment. ⑵ Crude oil futures rose in early trading on Tuesday following reports of a US military strike on targets in southern Iran; meanwhile, the Malaysian Palm Oil Association estimated that production from May 1 to 20 was down 5.85% compared to the same period last month. ⑶ However, continued weak exports in May, a decline in soybean oil futures on the Chicago Board of Trade, and a rising premium for palm oil over diesel all limited the upward momentum of palm oil. ⑷ Data from two shipping survey agencies showed that Malaysian palm oil exports from May 1 to 25 were 1.02 million tons and 947,400 tons respectively, down 14.51% and 18.03% respectively compared to the same period in April. (5) At the close, the June 2026 contract rose 19 ringgit to 4,429 ringgit per tonne, the July contract rose 20 ringgit to 4,466 ringgit per tonne, and the August contract rose 23 ringgit to 4,496 ringgit per tonne. (6) Trading volume increased from 57,304 lots on Monday to 63,916 lots, and open interest rose from 282,395 lots to 284,109 lots. The June spot price in southern Malaysia rose slightly by 20 ringgit to 4,470 ringgit per tonne.
