Palm oil futures near 2-month high on expectations of lower supply, firmer crude

AI Summary

Palm oil futures have risen near a two-month high after Malaysian industry groups cut production estimates for May amid elevated crude oil prices driven by the Middle East conflict. This supply expectation tightening has influenced commodity market trends.

Crude palm oil prices rose to near two-month highs on June 3 after a key industry group in Malaysia cut production estimate for May, coupled with higher oil prices amid the Middle East conflict, traders and analysts told Platts, part of S&P Global Energy. The benchmark crude palm oil contract for August delivery on the ...