Palm oil prices saw an increase, influenced by surging crude oil and soybean oil amid escalating Middle East tensions. David Ng, a trader, noted support for palm oil above 4,600 ringgit a ton. The Bursa Malaysia Derivatives contract for October delivery closed at 4,709 ringgit a ton.

Petronas Chemicals is anticipated to report stronger second-quarter earnings, primarily due to its fertilizer and methanol segment, according to CIMB Securities analyst Muhammad Afif Bin Zulkaplly. While higher product prices are boosting results, earnings may moderate in the third quarter as supply improves and geopolitical risk premiums decrease. CIMB maintains a hold rating with a target price of 5.45 ringgit.

Gold prices remained steady in early Asian trade, with a modest dollar pullback offering some support. However, Tony Sage of Critical Metals suggests a bearish near-term outlook due to elevated bond yields and concerns over inflation spurred by rising oil prices. Upcoming central bank decisions, including the European Central Bank and the Federal Reserve, are expected to influence gold prices in a higher interest-rate environment.