Malaysian palm oil futures rose near 1% to near MYR 4,130 per tonne on Tuesday, extending gains from the prior session and notching a five-week top amid firmer edible oils on the Dalian and Chicago markets. The latest monthly data from the industry regulator showed December production fell 5.5% from a month earlier to 1.83 million tonnes, tightening supply conditions ahead of the Lunar New Year and Ramadan. Meanwhile, shipments rose 8.5% to 1.32 million tonnes in December after earlier weakness. Separately, cargo surveyors noted that exports of palm oil products for January 1–10 jumped between 17.7% and 29.2% from December. Buying interest strengthened in India, the world’s largest importer, where purchases are expected to rise in January after hitting an eight-month low in December. However, upside was tempered by a stronger ringgit, caution ahead of upcoming data due this week from key buyer China, and uncertainty over the pace of the B50 biodiesel plan in top supplier Indonesia.
