Malaysian Crude Palm Oil Futures Likely to Open Higher on Friday, Supported by Firmer Crude Prices

According to Jin10, Malaysia's crude palm oil futures on the Bursa Malaysia Derivatives exchange are likely to open higher on Friday, July 4, supported by firmer international crude oil prices. International crude oil and Chicago soybean oil futures rose Thursday, with Brent crude advancing further in Friday's electronic trading session, benefiting Malaysian palm oil futures.

However, demand from India, the world's top edible oil importer, remains weak. Indian palm oil imports in June are estimated to fall to their lowest level in 14 months, as buyers reduce purchases due to weak demand and narrowing price advantages over competing oils, which could exert downward pressure on the Malaysian market.