ASEAN palm oil

Research evidence excerpt

ASEAN palm oil

Global Markets Research

24 July 2026ASEAN palm oil

EQUITY: AGRI-RELATED

Key newsflow (July 17 – 24) Research Analysts

ASEAN Agri-Related

Raghavendra Divekar, CFA - NSMQuick Note raghavendra.divekar@nomura.com

+603 2027 6893

Fig. 1: Nomura CPO price gauge

Research Associates We expect CPO prices to remain at ~MYR4,500/MT by 30 July 2026

Amol Dongre - NSFSPL

Source: Nomura estimates

We expect CPO prices to remain at ~MYR4,500/MT by 30 July 2026

The spot price for CPO (crude palm oil) was up 0.6% w-w at MYR4,520/MT in the week

ended 23 July, according to the Malaysian Palm Oil Board (MPOB). This was largely due

to higher crude oil prices due to the resumption of the West-Asia conflict. For the next

week, we expect prices to remain steady as higher crude oil prices are balanced by higher

production in Malaysia. Overall, we expect the average CPO price to remain at

~MYR4,500/MT by 30 July. However, if exports strengthen and crude oil prices rise

further, CPO prices could rise to ~MYR4,600/MT, in our view.

India edible oil imports to surge in July-October as supplies shrink before festivals

According to a 22 July article in Reuters (link), India’s edible oil imports are expected to

climb between July-October as slower soybean and rapeseed crushing erodes domestic

supplies, ahead of peak festive demand. According to the article, imports are expected to

rise to an average of 1.5mn MT monthly during this period. Higher imports of palm oil and

soybean oil are expected to reduce inventories in key suppliers and support prices.

According to the Solvent Extractors Association of India, the country’s total edible oil

imports are expected to rise to 16.3mn MT in 2026E from 16mn MT a year earlier.