Palm oil rises, tracking gains in rival vegetable oils and crude
23/07/2026 (New Straits Times), Jakarta - Malaysian palm oil futures rose at the open on Thursday, tracking gains in rival vegetable oils at Dalian and Chicago markets, while firmer crude oil prices also provided support.
The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange gained RM89, or 1.93 per cent, to RM4,711 (US$1,152.96) a metric ton in early trade.
Dalian's most-active soyoil contract gained 0.66 per cent, while its palm oil contract rose 2.53 per cent. Soyoil prices on the Chicago Board of Trade increased 0.89 per cent.
Palm oil tracks the price movements of rival edible oils, as it competes for a share of the global vegetable oils market.
India's edible oil imports are projected to climb between July and October as slower soybean and rapeseed crushing erodes domestic supplies ahead of peak festive demand, industry officials said on Wednesday.
Malaysian crude palm oil is expected to trade between RM4,400 and RM4,650 (US$1,076 and US$1,137) per metric ton in August, the Malaysian Palm Oil Council said on Wednesday.
Oil prices rose more than 1.5 per cent to their highest in more than six weeks on Thursday, with the United States launching a new round of strikes on Iran and Yemen's Houthis targeting oil tankers in the Red Sea.
Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.
Palm oil FCPOc3 may rise into a range of RM4,690 to RM4,760 per metric ton, as it managed to stay within a rising channel, Reuters technical analyst Wang Tao said.
Asian stocks rose on Thursday after US technology firms outlined significant capital spending plans that are likely to benefit chipmakers in the region, while the escalating war in the Middle East sent oil prices to six-week highs.