Malaysian palm oil prices rose modestly to around MYR 3,980 per tonne, marking the first gain in three sessions, supported by strength in rival Dalian oils and firmer crude oil as the Israel-Iran ceasefire holds. Sentiment was further lifted after Brazil approved raising the biodiesel blend in diesel to 15% from 14% starting August 1, potentially boosting demand for palm-based biofuels.
On the export front, cargo surveyors estimated Malaysian palm oil shipments for June 1–25 increased by 6.6%–6.8% from the same period in May. Still, prices are on track for their first weekly loss in five weeks, down around 3.5% so far, pressured by growing concerns over near-term edible oil demand from India, where soyoil imports in May likely fell 18% due to port congestion. Meanwhile, Kuala Lumpur cut its July crude palm oil reference price, lowering the export duty to 8.5%, according to a circular on the Malaysian Palm Oil Board’s website. Markets will be closed on Friday for a public holiday.
