Malaysian palm oil futures were around MYR 3,920 per tonne, slipping for the seventh straight session while hitting their lowest level since early March due to expectations of higher production in Q2 of 2024 as weather conditions improved while productivity picked up after the fasting month of Ramadan ended. In addition, worries persisted that demand in the near term would be slow after the conclusion of festive buying related to the Eid-al Fitr celebration. Lower oil prices following easing tensions between Israel and Iran also weighed on sentiment. Capping the fall were a weaker ringgit and monthly data showing Malaysia’s palm oil stocks at the end of March fell 10.68% mom to an 8-month low while palm oil exports climbed 28.61%. In the meantime, independent inspection company AmSpec Agri said shipments of Malaysian palm oil products for April 1-20 climbed 14.3% from the same period in March, while cargo surveyor Intertek Testing Services noted exports rose 10.2%.
