Malaysian palm oil futures extended their decline, trading near MYR 4,600 per tonne and retreating further from a recent four-week peak, as weakness in rival edible oils on the Dalian and Chicago exchanges weighed on market sentiment. Concerns over demand also persisted after palm oil imports by top buyer India fell to a 14-month low in June, signaling softer near-term buying interest.
Meanwhile, export figures for July 1–20 offered mixed signals. AmSpec Agri Malaysia reported that shipments were down 0.9% from the same period in June, while Intertek Testing Services estimated a 4.1% increase over that timeframe.
Even so, the downside remained limited by a weaker ringgit and mounting supply risks. Higher biodiesel blending mandates in Indonesia and Malaysia are curbing export availability, providing underlying support to prices. Investors were also focused on the upcoming Politburo meeting in China later this month, as the country is another key palm oil consumer, with markets hoping for fresh stimulus after second-quarter growth came in below expectations.
