Palm prices rise on higher commodity prices and crude

Malaysian palm futures continued to rise for the fourth session in a row on Thursday. They were supported by a firming of commodity prices and crude oil, which reached their highest level since three months.

By midday, the benchmark?palm-oil contract for April delivery at the Bursa Derivatives exchange in Malaysia had gained 35 ringgit or 0.82% to 4,307 Ringgit ($1,095.93).

The Dalian palm oil market has been supported by commodity prices that are firm. A Kuala Lumpur based trader reported that the benchmark reached a morning high of 4,315 Ringgit. This is its highest level since October 28th, 2025.

The trader said that prices remain "well supported" amid market anticipation for the Price Outlook Conference to be held in Kuala Lumpur from February 9-11.

Dalian's palm oil contract gained 1.17%, while its most active soyoil contract increased by 0.77. Chicago Board of Trade soyoil prices rose 0.66.

As palm oil competes to gain a share in the global vegetable oils industry, it tracks the price changes of competing edible oils.

The palm ringgit's currency has weakened by 0.38% against the dollar, making it cheaper for buyers with foreign currencies.

The oil price rose by more than 1.5% on Thursday in Asian trade, continuing gains from the previous day. This was due to growing concerns that?the U.S. could launch a military strike on Iran, a key Middle Eastern producer, which would disrupt?supply?.

Palm oil is a better option as a biodiesel feedstock because crude oil futures are stronger.

Technical analyst Wang Tao stated that palm oil could test resistance at 4,316?ringgit per tonne. A break above this level would lead to gains in the range of 4,343 to 4,387 ringsgit.

(source: Reuters)