Palm oil is pressured by competing oils and rising inventories, while resilient exports provide downside support.

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智通财经2026/08/06 10:36

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The Malaysia Derivatives Exchange's palm oil contract for October delivery closed down about 0.4% on Thursday at 4,685 ringgit per ton. Kenanga Futures analysts noted that the price decline was mainly dragged down by the dual pressures of weak performance in competing oils and market expectations of a month-on-month increase in Malaysia's July inventories.
However, analysts also emphasized that strong export demand and a continued improvement in consumption prospects are expected to provide downside support for prices and limit further downside space.
From a technical perspective, Kenanga Futures expects short-term support and resistance for the October contract to be at 4,640 ringgit per ton and 4,735 ringgit per ton, respectively, with the current price located in the middle of this range.
Going forward, attention should be paid to the Malaysian Palm Oil Board's monthly supply and demand data to validate inventory expectations, as well as the cross-impact of international soybean oil and sunflower oil price movements on the competitiveness of palm oil.

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Palm oil is pressured by competing oils and rising inventories, while resilient exports provide downside support.

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