Malaysian palm oil futures rose modestly on Monday, hovering above MYR 4,170 per tonne and snapping two sessions of steep losses, as gains in rival soyoil on the Chicago and Dalian exchanges lent support ahead of monthly data from the Malaysian Palm Oil Board due Tuesday. Sentiment was further buoyed by stronger export figures, with cargo surveyors noting January shipments rose 14.9%–17.9% mom, supported by restocking ahead of the Spring Festival and Ramadan. Demand from the top buyer, India, also improved, as January imports jumped 51% to a four-month high after falling in December. At the same time, Reuters estimated Malaysia’s palm oil inventories likely ended a 10-month growth in January, as robust exports coincided with a seasonal slowdown in output. However, gains were capped by a firmer ringgit and weakness in crude oil prices amid easing concerns over supply disruptions. Caution also lingered ahead of CPI and PPI data from China, a major consumer, later this week.
