Malaysian palm oil futures were trading near MYR 3,650 per ton, trying to recover from their lowest level in 15 weeks of below MYR 3,600 notched last week, supported by optimism that demand from Chinese buyers will strengthen after the country reopened from the Golden Week holiday. A rise in soyoil prices on the Chicago Board also lifted sentiment, along with higher crude oil prices following clashes between Israeli and Hamas forces over the weekend that raised the risk of a wider conflict in the Middle East. Meantime, Malaysian palm oil is expected to trade between MYR 3,700 to MYR 4,500 per ton from now until mid-2024, reflecting the El Nino weather pattern that threatens supplies. In top producer Indonesia, the industry association expects only a 5% rise in the output of the commodity this year. Capping the gains were reports that edible oil imports by India plunged by 19% in September from August as refiners slashed purchases by 26% after inventories jumped to a record.
