Malaysian palm oil futures traded above MYR 4,550 per tonne, rebounding from the prior session’s lull as a weaker ringgit and strength in Dalian and Chicago edible oil markets lent support. Exports also lifted sentiment, with cargo surveyors estimating July 1–5 palm oil shipments rose between 10.6% and 11.1% from the same period in June. A rally in crude oil prices added to the upside after U.S. airstrikes on Iran and renewed sanctions on its oil exports boosted palm’s appeal as a biodiesel feedstock. However, gains were capped by palm oil imports by top consumer India declining to a 14-month low in June amid sluggish demand and narrower discounts versus rival oils. Meanwhile, Reuters projected Malaysian inventories likely hit a record June high as output outpaced demand. At the same time, traders remained cautious ahead of the Malaysian Palm Oil Board’s monthly report later this week. In China, another key buyer, June CPI and PPI data will be closely watched for fresh cues on demand.

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