Malaysian palm oil traded below MYR 4,600 per tonne, extending recent losses as a firmer ringgit and weakness in rival edible oils on the Dalian and Chicago exchanges weighed on sentiment. Crude oil prices also fell amid the prospects of possible U.S.-Iran talks, reducing support for edible oil markets. Still, palm oil is on track to post a modest monthly gain, up about 0.3% so far, after declining in the previous two months, supported by signs of stronger demand, weather-related supply concerns, and higher biodiesel mandates in major producing countries. In key consumer China, business activity improved in June as both manufacturing and services expanded modestly, offering some support to the demand outlook. Even so, prices remain set for a sharp quarterly loss, reversing a near 20% surge in the first quarter. Traders now await full-June Malaysian export estimates from cargo surveyors after shipments during the first 25 days of the month rose 10.6%–11.1% from the same period in May.

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