Malaysian palm oil futures hovered around MYR 4,550 per tonne, extending recent gains amid firmer edible oil prices on the Dalian Exchange and concerns over softer Malaysian output. Sentiment remained supported by top supplier Indonesia’s plan to route key commodity exports, including palm oil, through a state-run trading firm starting in September, a move that could potentially benefit Malaysian shipments. However, contracts are on track for a second monthly decline, weighed down by sluggish exports. Cargo surveyors noted exports during May 1–25 fell between 14.5% and 18.0% from April, partly due to the absence of festive buying. Meanwhile, demand outlook from India, the world’s largest palm oil importer, remained uncertain after the country’s April palm oil imports plunged 26% to a four-month low. Separately, crude oil prices are on track to post a steep monthly fall as reports of a tentative extension of the U.S.–Iran ceasefire eased fears of supply disruptions in the Middle East.

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