Malaysian palm oil prices traded above MYR 4,050 per tonne, partly recovering from losses in the previous session amid strength in rival soyoil on the Dalian and Chicago exchanges. Sentiment was also lifted by signs of strong exports in June, with cargo surveyors estimating Malaysian palm oil exports climbed between 17.8% and 26.3% during the first 15 days of the month compared to the same period in May.
In top buyer India, imports soared 84% in May from April to a six-month high, following below-average purchases from January to April that drove domestic palm oil stocks down to 1.33 million tons as of June 1—the lowest since July 2020. Meanwhile, crude oil prices were near their highest level since February, due to growing speculation that the U.S. could join Israel in attacking Iran. Still, further gains in palm oil were limited by expectations of rising inventories and production, both of which climbed for the third consecutive month in May.
