FX.co ★ Palm Oil Below MYR 4,100 but Heads for Strong Weekly Rise

Malaysian palm oil prices hovered just below MYR 4,100 per tonne, remaining relatively stable for the second consecutive session as the market awaited export estimates from cargo surveyors. Traders are also digesting news that India, a major purchaser, canceled orders for 65,000 metric tons of crude palm oil that were set for delivery between July and September, following a sharp increase in prices. Nonetheless, palm oil contracts are poised for a fifth consecutive weekly gain, currently up about 4%, buoyed by optimism about robust export activity. Additionally, a stronger energy market is providing support against the backdrop of ongoing tensions between Israel and Iran, coupled with uncertainty regarding potential U.S. action, with a decision from President Trump anticipated within the next two weeks.