Crude oil surge ignites oilseed market, palm oil soars by 203 ringgit

⑴ The Asian palm oil market closed sharply higher on Monday, mainly driven by the surge in crude oil prices. Institutional analysis suggests that, with multiple favorable factors resonating, palm oil prices may continue their upward trend. ⑵ Nomura analyst Raghavendra Divekar pointed out in a report that the key factors driving this round of palm oil price increases include ongoing US-Iran conflicts causing market concerns, expectations of declining palm oil inventories in Malaysia, and stronger exports. ⑶ At the close, the benchmark palm oil contract for May delivery on the Malaysia Derivatives Exchange surged by 203 ringgit, settling at 4,570 ringgit per ton.