Palm oil demand from China, India may rise in next two months, support prices — MPOC

Demand for palm oil from top buyers China and India may rise from restocking ahead of summer and ongoing discount against soybean oil, the Malaysian Palm Oil Council (MPOC) said on Tuesday. China is projected to increase its palm oil imports in May and June to refill inventory, coinciding with the onset of the summer season that typically sees higher consumption, the MPOC said in a statement. India will capitalise on the current prices to similarly replenish depleted stockpile, the council said. “In coming weeks, palm oil prices are expected to remain supported” at RM3,900 per tonne, which is a “reasonably priced” level, the MPOC said. “This stability is underpinned by the recovery in soybean oil prices, which enhances palm oil’s price competitiveness.” India imported some 3.03 million tonnes of palm oil from Malaysia, or nearly 18% of Malaysia’s total exports of the edible oil in 2024, followed by China that bought 1.39 million tonnes, data from the Malaysian Palm Oil Board ...