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Malaysian palm oil futures slipped below MYR 4,650 per tonne, reversing recent gains as softer rival oils in Dalian and Chicago pressured sentiment. The benchmark contract was set to close the week down about 1.7% so far, ending a three-week winning run, after Indonesia, the world’s largest palm oil producer, cut its August crude palm oil reference price to USD 996.52 per tonne from USD 1,000.90 in July. Still, prices remained roughly 2% higher for the month, the first monthly rise in four months, supported by about a 20% surge in crude oil during July as U.S.-Iran diplomacy eased Middle East tensions, boosting palm’s biodiesel appeal. Export demand also stayed firm, with cargo surveyors noting July 1-25 shipments up between 8.1%-15.9% from the same period in June. Further support came from higher blending mandates in Indonesia and Malaysia, weather risks to next year’s Malaysian output, and hopes of stronger imports by top buyer India between July and October ahead of festive demand.
