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Palm Oil Records Third Consecutive Weekly Increase, Reaches Four-Month High Amidst Output Constraints

Published Date: February 07, 2024

Malaysian palm oil futures rallied on Friday, reaching their highest in four months, boosted by expectations of tighter output., designed in India, for the world, is a user-friendly SaaS based global trade hub and your streamlined solution for procurement and sales of B2B commodities such as vegetable oil. 

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Palm Oil Futures 

The Bursa Malaysia Derivatives Exchange's benchmark palm oil contract for April delivery increased by 27 ringgit, or 0.68%, to close at 4,021 ringgit ($851.01) a metric ton, the highest closing price since September 1, 2023.  With heavy rains in Malaysia, the second-largest producer, fueling expectations of a sharp decline in January production, palm jumped 2.08% for the week, up for a third week. 

Palm Oil Production and Imports 

Anilkumar Bagani, the head of research at Mumbai-based vegetable oils broker Sunvin Group, mentioned that palm oil would "stay at a tighter spread or even at a premium over competing soy oil and sun oil, due to the lower production season, at least till the end of Q1 2024." 

According to cargo surveyor Intertek Testing Services, exports from Malaysia increased by 0.64% to 1,064,778 tons from 1,057,955 tons shipped in the previous month from January 1 to January 25. According to AmSpec Agri Malaysia, another cargo surveyor, exports fell by 8.5% in the same time frame.  Given that its palm oil stocks have decreased, China, the second-largest importer of palm oil worldwide, may increase its demand for vegetable oil following the Spring Festival in February, according to Bagani. 

Vegetable oil Prices 

While Dalian's palm oil contract DCPcv1 increased by 0.19%, the most active soy oil contract saw a decline of 0.91%. On the Chicago Board of Trade BOcv1, soyoil prices increased by 0.11%. 

After reaching their highest point since December during the previous session, oil prices decreased on Friday. However, as encouraging U.S. economic growth and indications of Chinese stimulus bolstered sentiment surrounding fuel demand, they were poised for their largest weekly gain since October. The palm industry's currency, the Malaysian ringgit, dropped 0.08% versus the US dollar. 

If you are a palm oil importer wishing to import palm oil in bulk or a palm oil exporter willing to export bulk palm oil, then is the right platform for you. facilitates bulk agro-commodity sales and procurement across the globe. Through’s interface, buyers can avail the best qualities of agro-commodities in bulk at negotiable rates. 

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