Malaysian palm oil futures jumped over 1.5% to above MYR 3,920 per tonne, increasing for the second session in a row amid a weaker ringgit and sustained gains in soyoil due to potentially crop-damaging weather in Brazil and Russia. The contracts moved further away from their lowest level in nine weeks hit last week, as top producer Indonesia reportedly is anticipating adverse weather events until mid-May, further supporting prices. In India, the world’s largest palm oil importer, demand for the commodity surged 41% last month to its highest figure in three months as price moderation encouraged refiners to increase their buying. However, a drop in crude oil prices limited the bullish traction in the face of robust US crude supplies. Meanwhile, Reuters predicted that Malaysia’s shipments of palm oil products likely fell by 7.79% from the prior month in April due to increased price competition from other edible oils, especially sunflower oil.
