Malaysian palm oil futures edged lower to below MYR 4,560 per tonne, giving back part of the prior session’s gains as a stronger ringgit and weaker Dalian palm oil futures weighed on sentiment. Additional pressure came from crude oil prices, which fell to their lowest since February amid signs of progress in indirect U.S.-Iran talks, reducing support for biofuel-linked vegetable oils. Traders also remained cautious ahead of key monthly supply and demand reports due later this month. Still, losses were limited by firmer rival edible oils on the Chicago Board of Trade. On the fundamental side, Indonesia’s new B50 biodiesel mandate officially took effect on July 1, supporting expectations of stronger domestic palm oil consumption. Meanwhile, official data showed Indonesia exported 8.92 million tonnes of crude and refined palm oil during January-May, up 7.4% yoy. Cargo surveyors noted that palm oil exports during June 1-25 rose 10.6%-11.1% from May, pointing to improving overseas demand.

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