Palm Oil Rises for 4th Session

Malaysian palm oil prices hovered near MYR 4,190 per tonne, extending gains for the fourth straight session while holding at a three-month high. Sentiment was lifted by rising exports, with June shipments growing 4.3% to 4.7% from May, according to cargo surveyors. At the same time, Reuters estimated that palm oil inventories likely fell in June for the first time in four months, as production declined unexpectedly while exports held firm. So far this week, futures are on track for the second consecutive weekly gain, up about 2.5%, supported by strong demand from India—the top importer—after June imports hit an 11-month high amid attractive pricing. However, further upside was capped by caution ahead of China’s June trade data, due over the weekend, amid rising concerns over tariff risks. Meanwhile, U.S. President Trump reportedly expanded his list of countries facing possible steep tariffs to 21 nations, as he threatened to broaden his trade war unless new deals are reached.