Malaysian palm oil futures hovered above MYR 3,900 per tonne, rising for the second straight session amid rising prices for rival oils, particularly soyoil. Meanwhile, bets grew that shipments will improve, supported by signs of increased exports to key buyer China and some countries across Africa. At the same time, crude oil prices continued to rise, due to political uncertainty in a major oil-producing nation after a helicopter carrying Iranian President Ebrahim Raisi crashed over the weekend with “no sign of life” detected. The contracts tried to move away from their lowest level in 3-1/2 months hit last week, buoyed by robust demand from top buyer India. The country’s palm oil imports grew to their highest level in three months during April, as lower prices attracted buyers. Capping the upside momentum was expectations of higher output, at least in the near term. The Southern Peninsula Palm Oil Millers Association reported a 56% on-month jump in CPO production for May 1-15.
