US palm oil markets opened February on a firm note, with prices rising steadily amid strong downstream demand and concentrated refined cargo flows. The market’s upward momentum was supported by robust industrial offtake and strategic buying from key sectors, including snack-food, baking, and oleochemical manufacturers. Demand for palm oil remained broad-based, with packaged-food, personal-care, and surfactant industries maintaining steady purchasing. Refined grades dominated incoming cargoes, concentrating liquidity and encouraging suppliers to test higher price levels. Seasonal year-end softness was largely offset by renewed industrial activity, supporting the early-month gains. On the supply side, logistics remained smooth, while inventories tightened as refined palm oil dominated imports, enhancing sellers’ pricing power. Trade measures on Malaysian-origin cargoes helped moderate landed costs and provided structural support for refined flows. Looking ahead, market participants expect continued selective strength in palm oil, driven by concentrated imports and sustained industrial demand. Forward movements will remain sensitive to demand durability, import patterns, and trade-cost dynamics, keeping refined grades at the forefront of market focus.
