Malaysian Crude Palm Oil Futures May Rise Thursday on Oil Gains, El Nino Supply Concerns

According to Jin10 Futures, on Thursday (July 23), Malaysian crude palm oil futures on BMD likely open higher, tracking crude oil gains that approached six-week highs amid Middle East tensions. Chicago soybean oil futures also strengthened, providing additional support.

The rally is further underpinned by El Nino weather concerns threatening Southeast Asian palm oil production and Indonesia's mandatory B50 biofuel blending mandate beginning this month, which may tighten palm oil supply.

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