07.07.202604:33:42UTC+00Palm Oil Rises Further Ahead of MPOB Monthly Report

Malaysian palm oil futures extended their advance, trading above MYR 4,500 per tonne, supported by firmer prices in the edible oil markets on China’s Dalian exchange and the Chicago Board of Trade. Stronger export demand also underpinned the market, with cargo surveyors estimating that palm oil shipments for July 1–5 rose by about 10.6% to 11.1% from the same period in June.

Upside momentum, however, was limited by a stronger ringgit and reports that imports by top buyer India fell in June to a 14‑month low, reflecting subdued demand and a shrinking price advantage over rival vegetable oils. At the same time, a Reuters poll suggested Malaysian palm oil inventories likely climbed in June to their highest level on record for that month, as increased production outstripped consumption.

Investor sentiment remained cautious ahead of the Malaysian Palm Oil Board’s monthly report due later this week. Market participants are also closely monitoring upcoming June CPI and PPI data from China, another key importer, for signals on future demand.