Malaysian palm oil futures extended gains on Tuesday, trading around MYR 4,235 per tonne and holding a two-month high. Firmer edible oil prices on the Dalian exchange supported sentiment, alongside improved export estimates. Cargo surveyors noted that Malaysian palm oil exports for January 1–25 rose between 7.97% and 9.97% from the same period in December. Bets of stronger demand ahead of the Lunar New Year and the Ramadan season in February further underpinned prices. Supply concerns also added support, as January output is projected to fall by 15%–17% due to seasonal factors. In India, the world’s largest palm oil buyer, imports may recover in January after plunging 20% to the lowest since April 2025, reflecting softer year-end demand. However, gains were capped by a stronger ringgit, uncertainty from President Trump’s latest tariff moves on South Korea, and caution ahead of a U.S. interest rate decision later this week, which kept investors wary across commodity markets.

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