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Malaysian palm oil futures rose modestly to trade above MYR 4,550 per tonne after recent weakness, supported by stronger export prospects. Cargo surveyors estimated that palm oil shipments during July 1-15 increased between 4% and 12.4% from the same period in June, pointing to firmer overseas demand. Malaysia also raised its August crude palm oil reference price, keeping the export duty at 10%. Meanwhile, crude oil prices remained elevated amid supply disruptions in the Strait of Hormuz, reinforcing palm oil’s appeal as a biodiesel feedstock. However, gains were capped by a stronger ringgit and weaker rival edible oils on the Dalian and Chicago exchanges. Additional pressure came from softer demand prospects in key importing markets. In India, palm oil imports fell to a 14-month low in June as a narrower discount to competing oils curbed buying interest, while China’s economy expanded at its slowest pace since late 2022 in Q2, raising concerns over future demand.
