Malaysian palm oil futures were trading around MYR 3,750 per tonne, rising for the third straight session after falling below MYR 3,600 last week, amid strength in rival oils and signs of solid demand from India. Palm oil imports to India in June are set to jump 46% from a month ago to their highest in three months, as buyers took advantage of a dip in prices to their lowest in 28 months to increase purchases. On the supply side, exports of palm oil products from Malaysia for June 1-25 fell by 4.5% from the same period in May, according to cargo surveyor Intertek Testing Services. Another cargo surveyor, AmSpec Agri Malaysia said exports dropped by 8.7%. In Indonesia, the government is mulling diverting its Europe-bound palm oil exports to Africa after the EU launched the anti-deforestation law that is detrimental to the Southeast Asian country’s top commodity. Limiting the gains was a stronger Malaysian ringgit as it makes palm less attractive to foreign currency holders.
