Malaysian palm oil futures closed at their highest level in three months on Thursday

Malaysian palm oil futures closed at their highest level in three months on Thursday, rising for the fourth consecutive session, thanks to resilient commodity and oil prices.

Palm oil prices rose on expectations of stronger export demand in the coming weeks, said David Ng, a trader at Iceberg X in Kuala Lumpur. Weak production is also supporting prices, he added. Ng sees support for crude palm oil at 4,280 ringgit per tonne and resistance at 4,480 ringgit per tonne.

The benchmark April palm oil contract FCPO1 on Bursa Malaysia rose 46 ringgit, or 1.08%, to 4,318 ringgit (US$1,100.13) per metric tonne. This was the highest close since October 27, 2025.

“Today’s palm oil market is supported by stable commodity prices: crude oil and soybean oil in Dalian,” said a Kuala Lumpur trader.

According to the trader, prices remain stably high amid market expectations for the upcoming Kuala Lumpur Price Forecast Conference, which will be held from February 9 to 11.

The most actively traded soybean oil contract in Dalian rose 0.89, while the palm oil contract rose 1.15%. Soybean oil prices on the Chicago Mercantile Exchange rose 0.46.

Palm oil prices are tracking those of competing edible oils as it fights for share in the global vegetable oil market.

The ringgit weakened 0.31% against the dollar, making the commodity cheaper for buyers holding foreign currency.

Oil prices rose 1.5% on Thursday, extending their third consecutive day of gains, amid growing concerns that the US could launch a military attack on Iran, a key Middle East oil producer, which could disrupt supplies from the region.

Higher oil futures prices make palm oil a more attractive feedstock option for biodiesel production.

Tags: prices, palm oil