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2026-07-17 13:56:13
[Malaysian Palm Oil Expected to Rise 1.7% Weekly as Improved Exports Offset Decline in Indian Imports] ⑴ Malaysian palm oil futures edged lower, hovering below 4,600 ringgit per tonne. Demand was also under pressure, with India, the largest buyer, seeing its June palm oil imports fall to a 14-month low as narrowing discounts with competing products dampened purchases. ⑵ Despite the intraday pullback, the contract is still on track for its first weekly gain in four weeks, rising approximately 1.7%, boosted by improved export prospects. ⑶ Shipping survey data showed that Malaysian palm oil exports from July 1st to 15th increased by 4% to 12.4% compared to the same period in June. Malaysia raised its August crude palm oil reference price, while maintaining the export tax rate at 10%. Crude oil prices remained high due to escalating tensions between the US and Iran in the Strait of Hormuz, providing support for palm oil through biodiesel demand.
