News Summary Core Viewpoint - India's palm oil imports in April decreased significantly to 891,558 tons from 1 million tons in March, indicating a potential decline in demand for palm oil [1] - Malaysian palm oil prices are under pressure due to an expected increase in palm oil inventory, which may rise by 15% month-on-month to 2.15 million tons [1][2] Group 1: Import and Pricing Data - In April, India imported 891,558 tons of vegetable oils, with palm oil imports at 321,446 tons, down from 424,599 tons in March [1] - As of May 14, the offshore price of Malaysian palm oil was $985, up $17.5 from the previous day, while the import cost was 8,768.89 yuan, an increase of 151.97 yuan [1] - The import profit for palm oil was negative at 78.89 yuan per ton, down 41.97 yuan from the previous day [1] Group 2: Market Analysis and Forecasts - CIMB analysts predict that Malaysian palm oil inventory will increase by 15% in May, reaching 2.15 million tons, which could exert downward pressure on crude palm oil prices [1] - The expected price range for crude palm oil in May is between 3,700 and 4,000 ringgit per ton [1] - The MPOB report indicated that Malaysia's palm oil inventory reached 1.866 million tons in April, a month-on-month increase of 19.37%, exceeding market expectations [2] Group 3: Domestic Market Conditions - Domestic market conditions show stable but declining spot basis, with downstream demand primarily focused on essential purchases, leading to poor transaction conditions [3] - The short-term outlook for palm oil prices is limited on the downside due to substantial progress in US-China negotiations, which is favorable for commodities [3] - Recommendations for trading include observing the market or considering buying on dips, influenced by international biodiesel policies and domestic inventory changes [3]