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Malaysian palm oil futures jumped around 1% to MYR 4,550 per tonne, halting recent declines amid a weaker ringgit and firmer edible oils on the Dalian and Chicago markets. Meanwhile, crude oil prices strengthened as the U.S. and Iran failed to agree to a peace proposal drafted by Washington, boosting expectations for biodiesel demand. Higher exports further lifted sentiment, as cargo surveyor Intertek Testing Services noted that exports for May 1-10 rose 8.5% from the same period in April.
On the policy front, Malaysia will roll out a B15 biodiesel mandate from June 1, up from the current B10, to curb fuel imports and spur domestic consumption. However, upside was capped by monthly data from the Malaysian Palm Oil Board showing April stocks rose 1.71% from the prior month to 2.31 million metric tonnes, with output surging 18.37% to 1.63 million tonnes. Meanwhile, demand concerns persisted as India, the world’s largest palm oil buyer, saw April imports plunge 27% mom to a one-year low.
