Malaysian palm oil futures extended gains for a fourth straight session on Thursday, staying above MYR 4,300 per tonne and holding a three-month high. Prices were lifted by strength in edible oil markets on the Dalian and Chicago exchanges, a weaker ringgit, and firmer crude oil, which improved overall risk appetite. Export momentum reinforced the upside, with cargo surveyors reporting shipments for January 1–25 rose between 7.97% to 9.97% from December. Seasonal demand ahead of Lunar New Year and Ramadan also underpinned sentiment, while expectations of a sharp January output drop due to weather and harvesting patterns added support. India, the world’s largest palm oil consumer, further bolstered demand as buyers cancelled soybean oil shipments from South America amid a weaker rupee and rising global prices, widening the price gap and making palm oil more attractive. Gains were capped, however, by caution ahead of China’s January PMI release, given its importance as a key buyer.
