Latest from RobotFX: important news impacting currency trading.
Malaysian palm oil futures climbed about 2% to roughly MYR 4,100 per tonne on Thursday, rebounding from the previous session’s weakness as trading resumed after the two-day Lunar New Year break. The market drew support from a softer ringgit and stronger soyoil prices on the Chicago Board of Trade, while China’s Dalian exchange remained closed for the Spring Festival.
Additional buying interest emerged from bargain hunters, after prices had dropped to a four-week low ahead of the holidays. On the demand side, India—the world’s largest buyer—increased palm oil imports by 51% month-on-month in January to a four-month high, recovering from a sharp decline in December.
At the same time, industry data showed that inventories fell 7.7% and production declined 13.8% in January, providing further support to prices. However, upside was limited by weaker export prospects: cargo surveyors estimated that shipments for February 1–15 were down between 11.2% and 14.9%, underscoring near-term demand concerns during Ramadan and the upcoming Eid-ul-Fitr celebrations.
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