Malaysian palm oil futures remained below MYR 4,500 per tonne, extending recent losses and hovering near a five-week low. Prices were pressured by a stronger ringgit and weakness in rival edible oils on the Dalian market. Lower crude oil prices added further downside, as prospects of renewed U.S.-Iran talks raised expectations of improved supply, dampening biodiesel demand. Caution persisted ahead of cargo surveyors’ export estimates for March 1–15, due later today, after soft shipment data in the first ten days of the month pointed to weak near-term demand. Still, losses were capped by expectations that top buyer India may step up purchases ahead of seasonal demand, following a 19% drop to a three-month low in March. Additional support also came from Malaysia’s inventories, which declined for a third straight month to a seven-month low in March. Meanwhile, Kuala Lumpur reportedly pledged to expand biodiesel usage to ease fuel supply strains amid the Middle East crisis.
