Malaysian palm oil futures fell around 1% to below MYR 4,650 per tonne on Tuesday, snapping a four-session winning streak as a stronger ringgit and weaker edible oils on the Dalian exchange weighed on prices. Sentiment was further rattled by U.S. President Trump’s remarks that he is planning to delay a visit to China later in March by about a month because of the Iran war. Still, the downside was capped by a rally in crude oil amid rising geopolitical risks. On the demand side, exports stayed firm, with cargo surveyors noting shipments of Malaysian palm oil products for March 1–15 surged 43.5%–56.9% mom, boosted by Ramadan and Eid buying. In India, the world’s largest consumer, palm oil imports rose 11% in February to a six-month top as discounts to rival oils prompted refiners to boost purchases. Meantime, top producer Indonesia is reportedly weighing new taxes on commodities, including palm oil, to ease fiscal strains from elevated global oil prices, a move that could tighten supply.
