Malaysian palm oil futures remained below MYR 4,600 per tonne, falling for a second straight session amid a firmer ringgit and weaker soyoil prices on the Chicago exchange. Trading cues were also limited as Dalian markets stayed closed for a public holiday, with activity set to resume on May 6. On the export front, signs of softer demand emerged, with cargo surveyors noting that shipments for April 1–25 declined by 15.7%–16.8% from the prior month, reflecting typical post-festive weakness. Still, downside pressure was partly cushioned by a constructive near-term outlook. The Malaysian Palm Oil Council expects prices to hold above MYR 4,500, supported by elevated energy prices and potential supply disruptions linked to El Niño. In key buyer India, refiners are likely to step up purchases in the coming months to rebuild inventories if prices ease, particularly ahead of festive demand, after March imports fell 19.0% mom to a three-month low.

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