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Malaysian palm oil futures hovered above MYR 4,600 per tonne, recovering from recent losses that had pushed prices to a near two-week low. The upturn was supported by bargain hunting, a weaker ringgit, and firmer soyoil prices on the Chicago market. Gains were further boosted by a surge in crude oil prices, driven by doubts over the durability of the two-week ceasefire between the U.S. and Iran, which lifted broader commodity sentiment.
Meanwhile, Reuters projected the steepest inventory drop in three years for March. In Indonesia, the world’s largest producer, a ministerial decree was issued outlining the timeline for the country’s biofuel mandate. However, the upside was capped by weakness in edible oils on the Dalian exchange and persistent demand concerns in top buyer India, where palm oil imports fell 19% in March. Caution also grew ahead of key data releases, including the Malaysian Palm Oil Board’s monthly report and inflation figures from major consumer China, both due Friday.
