Malaysian Crude Palm Oil Futures Expected to Open Higher on Monday Amid Middle East Tensions

According to Jin10 Futures and foreign media reports, Malaysian crude palm oil futures are expected to open higher on Monday (June 29) following escalation of Middle East tensions over the weekend. A Panamanian-flagged tanker was struck by Iranian drones in the Strait of Hormuz, prompting a U.S. Central Command counterattack, which triggered a rebound in international crude oil futures during electronic trading on Monday. This rally is likely to support Malaysian palm oil futures performance. Malaysia's strong palm oil export momentum and Indonesia's upcoming implementation of palm oil-based biofuel blending mandates provide additional support for the market.
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