Palm oil futures prices rise as competing oils strengthen and geopolitical uncertainties resonate

⑴ Palm oil futures rose during the Asian trading session, with the October contract on the Malaysia Derivatives Exchange climbing to 4,724 ringgit per ton. Market sentiment was boosted by the overnight strength in competing vegetable oil prices.⑵ Kenanga Futures pointed out that Iran's refusal to negotiate with the United States casts a shadow on the prospects of reopening the Strait of Hormuz, and geopolitical uncertainty is providing additional support to the vegetable oil market.⑶ India's demand outlook ahead of the festive season is also improving, with expectations of increased imports providing fundamental support to palm oil prices.⑷ The combination of strong competing vegetable oil prices, the return of geopolitical risk premiums, and India's stocking demand is providing bullish support for palm oil prices in the short term. Going forward, attention should be paid to progress in Middle East negotiations and changes in purchasing patterns of major importing countries.