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Malaysian palm oil futures edged lower, hovering below MYR 4,500 per tonne and extending recent losses as a stronger ringgit and weaker edible oil prices on the Dalian exchange weighed on sentiment. Meanwhile, Chicago markets are closed for a holiday. Caution also prevailed ahead of key supply-demand reports due next week. For the week, palm oil is set for a second straight decline, down about 1.5%, pressured by data showing imports by top buyer India fell to a 14-month low in June as sluggish demand and a narrowing price discount to competing vegetable oils reduced purchasing interest. Still, weakness was limited by firmer crude oil prices and improving export demand. Cargo surveyors estimated that palm oil exports during June 1-25 rose between 10.6% and 11.1% from May. Meanwhile, the B50 biodiesel mandate in Indonesia, the world’s largest palm oil supplier, officially took effect on July 1, reinforcing forecasts of stronger domestic consumption and providing support to the market.
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