Malaysian palm oil futures fell over 1% to trade below MYR 4,500 per tonne, pressured by weaker palm olein prices on the Dalian exchange. Sentiment was also weighed by monthly data from the industry regulator, which showed inventories rose in April for the first time in four months as production grew while exports fell. Demand concerns also lingered after India, the world’s largest palm oil buyer, reported a 27% mom drop in April imports to a one-year low. Still, losses were limited by a softer ringgit and firmer crude oil prices, as negotiations to end the conflict between the U.S. and Iran appeared increasingly fragile. On the policy front, Malaysia will raise its biodiesel mandate to B15 from B10 starting June 1, a move aimed at reducing fuel imports. Meanwhile, export data for early May was mixed. Cargo surveyor Intertek Testing Services estimated exports of Malaysian palm oil products during May 1–10 rose 8.5%, while AmSpec Agri Malaysia noted that shipments declined 10.8%.

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