Crude oil prices rise and the depreciation of the ringgit has also led to an increase in palm oil prices.

Photo: Collected

Malaysian palm oil futures rose after crude oil surged and the ringgit weakened, improving biodiesel economics and export appeal.

What does this mean?

Palm oil tends to trade in a “veg oil complex” with soyoil and other edible oils, so strength in China and Chicago benchmarks can pull it higher too. But the bigger driver was energy: when crude jumps, biodiesel becomes more competitive, which can lift demand for palm as a feedstock. This move followed fresh worries about Middle East shipping routes, keeping oil markets jumpy. Meanwhile, a softer ringgit makes Malaysian cargoes cheaper in US dollar terms, which can support export demand even if global food cons..

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Source: Online/OFA

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Crude oil prices rise and the depreciation of the ringgit has also led to an increase in palm oil prices.