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Malaysian palm oil futures fell below MYR 4,500 per tonne, reversing the previous strong rally, as trading resumed after a holiday. Sentiment was pressured by weaker edible oil prices on the Dalian and Chicago markets. A sharp decline in crude oil prices added to the downside after the U.S. and Iran signed an interim agreement aimed at ending hostilities and reopening the Strait of Hormuz, reducing support from the biofuel sector. Meanwhile, Malaysia lowered its July crude palm oil reference price, keeping the export duty unchanged at 10%. Still, losses were limited by a weaker ringgit and expectations of lower production due to the lingering effects of El Niño. Demand prospects also remained supportive after cargo surveyors reported that palm oil exports during June 1–15 rose between 9.6% and 23.8% from the same period in May. In top buyer India, imports are expected to exceed 600,000 tonnes in June after edging up to 549,356 tonnes in May, according to local traders.
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