Tightened supply and rising soybean oil prices have driven up palm oil futures today, breaking through 5000 ringgit to reach a new high in over two years.
(Kuala Lumpur, 8th) Due to tightened supply and rising soybean oil prices, drivingpalm oil futureshave opened higher today and continued to rise, breaking through 5000 ringgit to reach a new high in over two years.
Bursa Malaysia Derivatives Exchange's index futures for January 2025 closed up 148 ringgit or 2.99% at 5100 ringgit per ton, marking the highest level since mid-2022.
Palm oil futures rose by 4.77% this week, marking the third consecutive week of gains. It rose by 7.32% last week, as well as 6.60% the week before.
Palm oil has risen by over 30% so far this year, driven by expectations of increased demand from the biodiesel industry, with palm oil production growth constrained by factors such as weather and aging trees; limited supply of sunflower and rapeseed globally has also boosted palm oil demand.
Chicago Mercantile Exchange's soybean oil futures surged by 4.3% yesterday.
Prominent trader Mitri stated at a palm oil conference that due to tight demand and supply of biodiesel, palm oil prices will remain at 5000 ringgit per metric ton until June.
Eddy Weber, the bioenergy director of Indonesia's Ministry of Energy and Mineral Resources, expressed at an industry conference on Thursday that the Indonesian government has proposed to increase the mandatory blending ratio of biodiesel to 50% by 2028.
The Indian Refining Association stated that favorable weather conditions may stimulate domestic oilseed production, and India's plant oil import volume will decrease to 15 million tons in the 2024/5 fiscal year.
Next Monday, the Malaysian Palm Oil Board (MPOB) will release monthly data. A survey indicates that due to production decline and increased exports, palm oil stocks in October are expected to decline for the first time in three months.
Bursa Malaysia Derivatives Exchange's index futures for January 2025 closed up 148 ringgit or 2.99% at 5100 ringgit per ton, marking the highest level since mid-2022.
Palm oil futures rose by 4.77% this week, marking the third consecutive week of gains. It rose by 7.32% last week, as well as 6.60% the week before.
Palm oil has risen by over 30% so far this year, driven by expectations of increased demand from the biodiesel industry, with palm oil production growth constrained by factors such as weather and aging trees; limited supply of sunflower and rapeseed globally has also boosted palm oil demand.
Chicago Mercantile Exchange's soybean oil futures surged by 4.3% yesterday.
Prominent trader Mitri stated at a palm oil conference that due to tight demand and supply of biodiesel, palm oil prices will remain at 5000 ringgit per metric ton until June.
Eddy Weber, the bioenergy director of Indonesia's Ministry of Energy and Mineral Resources, expressed at an industry conference on Thursday that the Indonesian government has proposed to increase the mandatory blending ratio of biodiesel to 50% by 2028.
The Indian Refining Association stated that favorable weather conditions may stimulate domestic oilseed production, and India's plant oil import volume will decrease to 15 million tons in the 2024/5 fiscal year.
Next Monday, the Malaysian Palm Oil Board (MPOB) will release monthly data. A survey indicates that due to production decline and increased exports, palm oil stocks in October are expected to decline for the first time in three months.
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