What’s going on here?
Malaysian palm oil prices paused near recent highs because a stronger ringgit made exports less competitive, even as January shipments picked up.
What does this mean?
Malaysia’s benchmark April palm oil contract was basically flat near 4,262 ringgit a ton as the ringgit jumped about 0.8% against the dollar, making each ton pricier for overseas buyers. Offsetting that, the wider vegetable-oils complex was firmer – soyoil rose in both Chicago and China’s Dalian market, which can support palm because the oils compete for the same demand. Export signals were encouraging too: surveyors estimated Jan 1–25 palm oil product exports rose roughly 8%–10% from the prior..
