Mysteel China edible oils market daily: Renewed U.S.-Iran tensions have driven up crude oil prices, which in turn have lifted domestic vegetable oil markets

Source: Mysteel Sep 02, 2026 11:25

Palm oil continued its upward trajectory during night trading. The palm oil market currently shows pronounced divergences between domestic and external dynamics. On the external front, the BMD Malaysian palm oil market remains supported by the seasonal production downturn in producing regions, biodiesel policy expectations, and weather premiums, though weakening export demand has capped upside momentum. Domestically, the market faces supply-side headwinds from the release of incoming arrivals and high inventory levels, while the deeply inverted soybean oil-palm oil price spread has significantly curtailed blending demand, causing demand to lag notably behind supply. With bearish and bullish forces coexisting, palm oil futures are expected to trade in a volatile range at elevated levels, while spot basis will likely remain under pressure due to the supply-demand mismatch.

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