09.07.202604:12:07UTC+00Palm Oil Dips Ahead of Key Monthly Data

Malaysian palm oil futures edged lower, hovering below MYR 4,600 per tonne and pulling back from recent gains, pressured by weaker Chicago soyoil prices. Sentiment was also restrained ahead of the Malaysian Palm Oil Board’s monthly report, with a Reuters poll indicating that inventories likely reached a record high for June as production outstripped demand. In India, the world’s largest buyer, June palm oil imports fell to a 14‑month low amid sluggish consumption and a shrinking price discount relative to competing vegetable oils. Even so, the downside was limited by a weaker ringgit, firmer edible oil prices on China’s Dalian exchange, and higher crude oil prices, which enhance palm oil’s attractiveness as a biodiesel feedstock. Demand expectations improved after cargo surveyor data showed that exports in July 1–5 increased by roughly 10.6% to 11.1% from the same period in June. In China, another key importer, consumer prices rose by less than expected while producer price inflation appeared to be nearing a peak, highlighting a mixed outlook for edible oil demand.