Palm Oil Extends Gains

Malaysian palm oil futures rose for a second straight session, hovering around MYR 4,550 per tonne, supported by a weaker ringgit and stronger edible oil prices on the Dalian and Chicago exchanges. Sentiment was further lifted by rising exports, with cargo surveyors noting that Malaysian palm oil shipments during June 1–10 rose between 3.5% and 4.9% from the prior month. Additional support came from the broader energy market, where oil prices surged amid heightened concerns over Middle East supply disruptions, boosting the outlook for biodiesel demand. However, upside was capped as industry data showed Malaysia’s stocks rose for a second month in May. Meanwhile, demand from top buyer India rose slightly in May from April’s four-month low, remaining below typical levels. In Indonesia, the world’s largest producer, the government launched new technical rules for key commodity exports, including palm oil, unsettling exporters and injecting fresh uncertainty into near-term trade flows.
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