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Malaysian palm oil futures slid almost 2% to below MYR 4,600 per tonne, marking a one-week low and registering losses of over 2% so far this week. Sentiment weakened amid a stronger ringgit and weaker edible oil prices on Dalian and Chicago exchanges. Meanwhile, crude oil prices eased toward pre-conflict levels, eroding palm oil’s competitiveness and biofuel appeal. Pressure also followed Malaysia’s cut to its July crude palm oil reference price, though the export duty stayed at 10%. Still, losses were tempered by firm export demand, with cargo surveyors estimating June 1–20 shipments rose 19.1%–25% from the same period in May. Meantime, supply concerns lingered as El Niño continued to curb output. In top producer Indonesia, the B50 biodiesel mandate will kick off on July 1, potentially expanding domestic use. Meanwhile, India’s June palm oil imports are projected above 600,000 tonnes, compared with 549,356 tonnes in May, underscoring resilient demand from the world’s largest buyer.
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