15.04.202603:37:13UTC+00Palm Oil Lingers Near Multi-Week Low

Malaysian palm oil futures traded below MYR 4,500 per tonne, extending recent declines and hovering near a five-week low. The market came under pressure from a stronger ringgit and weakness in competing edible oils on the Dalian exchange. Further downside stemmed from lower crude oil prices, as the prospect of renewed U.S.-Iran talks raised expectations of improved global oil supply, tempering biodiesel demand.

Trading remained cautious ahead of cargo surveyors’ export estimates for March 1–15, due later in the day, after subdued shipment figures for the first ten days of March signaled soft near-term demand. However, the downside was limited by expectations that top buyer India could increase purchases ahead of the seasonal demand period, following a 19% decline in March imports to a three-month low.

Additional support came from Malaysia’s palm oil inventories, which fell for a third consecutive month in March to a seven-month low. At the same time, Kuala Lumpur has reportedly pledged to expand biodiesel usage to help ease fuel supply strains amid the ongoing crisis in the Middle East.