Malaysian palm oil futures slipped below MYR 4,600 per tonne, extending losses on a stronger ringgit and weakness in edible oils on Dalian and Chicago markets. Sentiment was further pressured by reports that the U.S. and Iran are working on a memorandum to establish a framework for talks aimed at ending the war. Such developments could ease crude oil prices, hurting biofuel economics and reducing demand for palm oil as a biodiesel feedstock. Meanwhile, demand concerns deepened, with imports by top buyer India down 27% mom in April to a one-year low. Meanwhile, cargo surveyors noted April 1–25 exports fell 15.7%–16.8% from March, reflecting post-festive softness. Still, losses were capped after Malaysia confirmed its B15 mandate will take effect June 1, up from B10, to curb fuel imports. Separately, palm oil prices may climb around 12% to MYR 5,200 by mid-July, analyst Dorab Mistry says, as biodiesel demand strengthens and supply tightens on energy-driven gains in vegetable oils.

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