Malaysian Palm Oil Futures Stay Below 4,500 Ringgit, Extending Five-Week Decline

Malaysian palm oil futures remained below 4,500 ringgit per ton as of May 9, extending recent losses and hovering near five-week lows. The ringgit’s strength and weakness in other edible oil prices pressured palm oil, while crude oil declines further weighed on the market as prospects for U.S.-Iran negotiations boosted expectations of improved supply, dampening biodiesel demand.

Market sentiment remained cautious ahead of export estimates from freight survey agencies scheduled for release later today. India’s palm oil inventory fell 19 percent in March, hitting a three-month low, while Malaysia’s stockpiles declined for a third consecutive month to a seven-month low, providing some support. Additionally, Kuala Lumpur committed to expanding biodiesel use to ease fuel supply pressures amid Middle East tensions.