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Crude palm oil (CPO) futures rose during the midday session on Tuesday, supported by stronger crude oil and soybean oil futures, though gains were limited by a firmer Malaysian ringgit.
The benchmark third-month September contract on the Bursa Malaysia Derivatives (BMD) exchange was trading at 4,574 ringgit ($1,122) per tonne at midday, up by 0.90% from the close on Monday.
The most active contracts gained 27-43 ringgit per tonne, with the July 2026 contract recording the largest increase of 43 ringgit.
Support came from higher crude oil prices, with crude oil futures rising 1.88% to $79.61 per barrel during Asian trading hours after the United States reinstated a naval blockade on Iran, reigniting concerns over energy shipments through the Strait of Hormuz.
Higher crude oil prices improved biodiesel margins, underpinning demand for vegetable oils, including palm oil. Soybean oil futures on the Chicago Mercantile Exchange (CME) also remained firm after strong overnight gains, supported by the rally in crude oil prices and forecasts for hot, dry weather across parts of the US Midwest that could threaten soybean yields.
China’s vegetable oil markets also traded higher, providing additional support to CPO futures. The benchmark September palm olein contract on the Dalian Commodity Exchange (DCE) rose 0.24% to 9,285 yuan ($1,294) per tonne, while the September soybean oil contract gained 0.20% to 8,591 yuan per tonne.
However, gains were capped by a firmer Malaysian ringgit, which strengthened by 0.20% against the US dollar, making Malaysian palm oil more expensive for overseas buyers and reducing its export competitiveness.
Data overview
Malaysia Jul 1-15 vs. Jun 1-15 palm oil export (in tonnes) – Estimate only
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