Palm rises for second session on stronger rival oils
11/06/2026 (Reuters), Kuala Lumpur - Malaysian palm oil futures inched higher for a second straight session on Thursday, driven by stronger rival edible oils.
The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange gained 30 ringgit, or 0.66 per cent, to 4,568 ringgit (US$1,123.74) a tonne by the midday break.
The market traded higher on support from positive rival oilseeds during Asian trading hours, said a Kuala Lumpur-based trader.
Dalian's most-active soyoil contract rose 0.51 per cent, while its palm oil contract climbed 0.88 per cent. Soyoil prices on the Chicago Board of Trade were up 0.38 per cent.
Palm oil tracks the price movements of rival edible oils, as it competes for a share of the global vegetable oils market.
Oil prices jumped as Tehran declared the critical energy chokepoint, the Strait of Hormuz, closed after the US launched additional strikes against Iran and as President Donald Trump vowed even more attacks if no peace deal is secured.
Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.
The ringgit, palm's currency of trade, firmed 0.05 per cent against the dollar, making the commodity slightly expensive for buyers holding foreign currencies.
Malaysia's palm oil stocks rose for a second straight month in May, as a continued drop in exports outpaced a decline in output, data from the industry regulator showed.
Cargo surveyors estimated that exports of Malaysian palm oil products for June 1 to 10 rose between 3.5 per cent and 4.9 per cent from a month earlier.
Palm oil may test a resistance at 4,576 ringgit per tonne, as it has cleared a lower resistance at 4,538 ringgit, Reuters technical analyst Wang Tao said.