Physical palm oil prices were firm to slightly higher on Tuesday, tracking another session of marginal gains in palm oil futures in Malaysia. Indications for coconut oil and palm kernel oil in the U.S. Gulf and NY/NOLA edged higher, although participants reiterated that very little actual trade continues to take place.
Global vegetable oil prices were higher on Tuesday, with palm and soybean oil futures advancing due to robust Malaysian exports and a rally in crude oil values. Markets surged on renewed talk that OPEC+ could extend crude oil supply cuts. Worries that hot and dry weather could lead to soybean yield losses and acreage reductions in Brazil also remained supportive for prices today.
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