SunSirs: Asian Palm Oil Market Rises for Fourth Consecutive Week

Foreign media, February 1: Last week, the Asian palm oil spot market rose for the fourth consecutive week, supported by declining Malaysian palm oil production coupled with increased exports, as well as rising edible oil prices in Dalian and higher international oil prices.

On Thursday, the February 2026 delivery price for 33-degree refined palm oil stood at $1,097.50 per ton, up $37.50 from a week earlier; the March delivery price was $1,102.50 per ton, up $35; April to June delivery was quoted at $1,107.50/mt, up $32.50; July to September delivery at $1,095.00/mt, up $22.50; and October to December delivery at $1,085.00/mt, up $12.50. All prices are FOB Malaysian ports.

The quoted price for 24-degree refined palm oil for February 2026 delivery is $1,102.50 per ton, up $37.50 from a week ago; March quotes are $1,107.50, up $35; April to June quotes stood at $1,112.50/mt, up $32.50; July to September quotes were $1,100/mt, up $22.50; October to December quotes were $1,090/mt, up $12.50. All prices are FOB Malaysian ports.

Regarding related market trends: For the week ending January 30, the April palm oil futures contract on the Bursa Malaysia Derivatives (BMD) closed at RM4,229 per tonne, up 1.29% from a week earlier; the March soybean oil futures contract on the Chicago Board of Trade (CBOT) closed at 53.52 cents per pound, down 0.52% from a week earlier; Dalian Commodity Exchange May soybean oil futures traded at CNY 8,282/ton, up 2.32% from a week earlier; May palm oil futures traded at CNY 9,240, up 3.70% from a week earlier.

Palm oil futures rose 4.4% in January, ending a four-month consecutive decline.

Chicago soybean oil gained 10.2% in January; Dalian soybean oil rose 5.3%, while Dalian palm oil increased 7.6%.

Brent crude oil prices climbed 16.2% in January, and WTI crude oil rose 13.6%, both ending five consecutive months of declines. Escalating global geopolitical tensions in January fueled market concerns that the U.S. might take military action against major oil producer Iran, threatening Middle Eastern crude exports. Rising oil prices boosted palm oil's appeal as a biofuel feedstock.

From a palm oil fundamentals perspective, January saw declining production but rising exports.

Shipping survey agencies reported that Malaysian palm oil exports from January 1-25 increased by 8% to 10% month-on-month. The Southern Palm Oil Manufacturers Association of Malaysia (SPPOMMA) stated that southern Malaysian palm oil production from January 1-25 decreased by 14.8% month-on-month. The Malaysian Palm Oil Association (MPOA) reported a 14.4% month-on-month decrease in Malaysian palm oil production from January 1-20.

Indonesia's Ministry of Trade announced on Friday that the February export reference price for crude palm oil was set at $918.47 per ton, higher than January's $915.64 per ton. The export tax for crude palm oil in February remains at USD 74 per ton, unchanged from January. The total export tax and levy for palm oil in February amounted to USD 165.85 per ton, a 0.2% increase month-on-month.

Monday is a public holiday in Malaysia, with the BMD closed for the day.

On Friday, the ringgit exchange rate stood at 3.941 ringgit per US dollar, compared to 4.006 ringgit a week prior.

Note: 1 US dollar = 3.941 ringgit

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