Malaysian palm oil prices held above MYR 4,100 per tonne, rising for a second straight session, supported by strength in rival Dalian oils while the Chicago Board of Trade remained closed for a public holiday. Signs of firm export demand in June continued to underpin sentiment, with cargo surveyor data showing shipments jumped between 17.8% and 26.3% during the first 15 days of the month compared to the same period in May.
However, in top consumer India, refiners reportedly cancelled 65,000 metric tons of crude palm oil orders for delivery between July and September, following a sharp rally in prices. At the same time, both inventories and production rose for the third consecutive month in May, raising concerns over a potential supply glut in the coming months. Geopolitical tensions also weighed on market sentiment, with investors cautious about a possible escalation involving U.S. involvement in the Israel-Iran conflict.
