Despite the decrease in demand, palm oil quotes continue to rise in line with oil prices

Anticipation of Israel's response to a missile attack by Iran led to a speculative rise in oil prices, which supported palm oil quotes, despite forecasts of a reduction in demand in the near term. December Brent oil futures on Thursday and Friday rose by 5.4% to $78/barrel (+9.1% for the week and for the month). Following them, December palm oil futures on Bursa Malaysia rose another 2.8% to 4,300 ringgit/t or $1,020/t (+6.1% on the week) on Friday, ignoring data on sharp a reduction in imports by India in September and an increase in palm oil stocks in Malaysia. According to analysts, during September, palm oil stocks in Malaysia will grow by 3.2% to the highest level since January 2023 of 1.94 million tons, as exports will decrease by 2% to 1.5 million tons, and production - by 1.1 % to 1.87 million tons. India in September cut palm oil imports by 34% from August to a six-month low of 530,000 tons as it became more expensive than competing oils. At the same time, the authorities ...