Malaysian palm oil futures hovered below MYR 4,600 per tonne after recent gains, weighed by a stronger ringgit and weakness in Dalian soyoil. On the export front, cargo surveyor Intertek Testing Services noted that shipments of Malaysian palm oil products for April 1–25 fell 15.7% from the same period in March, reflecting softer demand following the festive season.
However, the downside was capped by a continued rise in crude oil prices, as stalled peace talks between the U.S. and Iran heightened supply concerns. Bets of stronger demand from top buyer India also lent support, with prospects of a rebound after March imports dropped 19% from February. At the same time, Malaysia is moving toward a higher biodiesel mandate, targeting B15 from the current B10, which could absorb up to 1.5 million tonnes annually and tighten supply. Meantime, the Malaysian Palm Oil Council expects prices to hold above MYR 4,500 in the near term, supported by elevated energy costs and potential El Niño risks.
