Palm oil futures hit RM4,927 as biofuels, El Niño cut supply

Eko Listiyorini & Kanupriya Kapoor / Bloomberg08-20

Palm oil climbed to RM4,927 a tonne on Thursday, its highest level in about 20 months, as rising biofuel demand and mounting production risks from the strengthening El Niño underpin prices.(Aug 20): ...

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The El Niño weather pattern is known for bringing dryness to much of Southeast Asia, weighing on production of the tropical oil. The US Department of Agriculture forecast global palm oil reserves to fall to a nine-year low in the 2026-27 season.\nFutures in Kuala Lumpur rose as much as 0.7% to RM4,927 a tonne on Thursday, the highest intraday level since December 2024. The rally comes as other key crop staples, including corn and sugar, are also climbing, potentially lifting food inflation. \nRecent attacks in the Black Sea have also slowed crop exports from Russia and Ukraine to a trickle. The countries are major sunflower oil suppliers, and buyers are turning to rival vegetable oils to help fill the gap. \nThe high on Thursday was \"technically a breakout point,\" said Gnanasekar Thiagarajan, head of trading and hedging strategies at Kaleesuwari Intercontinental Ltd. However, several factors could cap prices from rallying further, including a strengthening ringgit and competitive soy oil prices, he added.\nUploaded by Felyx Teoh","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.47.1","shortVersion":"4.47.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2661235265","isCrawlerRequest":true}