Malaysian palm oil futures were little changed, hovering around MYR 4,840 per tonne after two sessions of gains. The closure of China’s Dalian exchange for a holiday offset weakness in Chicago soyoil prices. Sentiment stayed cautious amid escalating geopolitical tensions, with U.S. President Trump’s repeated threats against Iran and fears of Gulf retaliation adding volatility across commodities.
On the supply side, a Reuters poll ahead of official monthly data suggested Malaysia’s inventories likely saw their steepest draw in three years in March, falling to the lowest since July. Meantime, cargo surveyors estimated shipments surged 44%–57% mom. Separately, top supplier Indonesia reported double-digit palm oil export growth in February as the sector prepares for a higher B50 biodiesel mandate in July. Regarding demand, March imports by India, the world’s largest consumer, dropped 19% to a three-month low, with refiners delaying purchases amid elevated prices.
