Palm oil prices climb, influencing global edible oil market

Malaysian palm oil futures are up 1.67%, reaching 4,252 ringgit per metric ton thanks to a weaker ringgit and climbing Chicago soyoil prices, which boost its competitiveness on the global market. The rise in palm oil prices highlights a mix of global economic factors. A weaker ringgit has made Malaysian palm oil more attractive internationally, especially as soyoil prices increase, enhancing its edge. Middle East tensions have pushed crude oil prices up too, making palm oil more appealing as a biodiesel alternative. Meanwhile, India, grappling with higher costs, has cut its palm oil imports to counter soaring prices, hitting a six-month low. India is also rolling out a 101 billion-rupee plan to double domestic edible oil production in seven years, which aims to slash reliance on costly imports. These shifts occur amidst volatile Asian markets and upcoming key economic data from the US and UK. The uptick in palm oil futures affects global edible oil pricing and could influence ...