Malaysian palm oil futures extended their decline, trading below MYR 4,500 per tonne and approaching a one-week low, pressured by a stronger ringgit and weakness in Dalian soyoil. Sentiment was further dampened by softer export demand, as cargo surveyors reported that shipments of Malaysian palm oil products for April 1–25 fell by 15.7% to 16.8% from the previous month, reflecting a typical post-festive slowdown. Caution also prevailed ahead of China’s upcoming official PMI release, which is expected to offer clearer signals on demand prospects in a key importing market.
Downside pressure, however, was limited by firmer soyoil prices on the Chicago Board of Trade. Rising crude oil prices, supported by stalled U.S.-Iran peace talks and growing supply concerns, also lent additional support to palm oil. In top buyer India, purchases are anticipated to rebound after March imports declined 19% month-on-month. Meanwhile, the Malaysian Palm Oil Council expects prices to remain above MYR 4,500 in the near term, underpinned by elevated energy costs and potential El Niño-related risks.
