Malaysian palm oil futures rose about 1% to above MYR 4,100 per tonne on Wednesday, rebounding from the prior session’s weakness as strength in rival edible oils on the Dalian and Chicago exchanges boosted sentiment. Meanwhile, export prospects improved ahead of the Lunar New Year and the start of Ramadan in February, with cargo surveyors reporting that January 1–10 palm oil shipments surged 17.7%–29.2% from December. Demand signals strengthened in India, the world’s largest importer, where purchases are set to recover after hitting an eight-month low in December. In China, another key buyer, goods imports in December rose the most in three months, pointing to firmer year-end demand. On the supply side, industry regulator data showed December production fell 5.5% mom, adding support to prices. Still, gains were tempered by a stronger ringgit, uncertainty over Indonesia’s B50 biodiesel rollout, and vigilance ahead of export estimates for the first half of January due later this week.
