16.03.202605:09:05UTC+00Palm Oil Extends Bullish Streak to Four Sessions

Malaysian palm oil futures climbed more than 1.5% to trade above MYR 4,650 per tonne on Monday, extending gains for a fourth consecutive session, supported by firmer edible oil prices on the Dalian exchange. Robust export demand underpinned the market, with cargo surveyor Intertek reporting that Malaysian palm oil product shipments for March 1–15 rose 43.5% month-on-month, driven by Ramadan and Eid-related buying. In India, February imports increased 11% to a six-month high, as wider discounts relative to competing oils prompted refiners to step up purchases. Positive economic data from key buyer China further bolstered sentiment. At the same time, traders focused on Indonesia, the world’s largest palm oil producer, where authorities are considering additional taxes on commodities, including palm oil, to ease budget pressures stemming from higher global crude oil prices. Such measures could raise export costs and tighten global supply. Upside momentum, however, was tempered by a stronger ringgit and ongoing uncertainty following reports that a planned meeting between U.S. President Trump and China’s President Xi, expected later this month, might be postponed.