Malaysian palm oil futures rose, hovering above MYR 4,100 per tonne after two straight sessions of losses. Prices rebounded from a 12-week low touched a day earlier, supported by a weaker ringgit and strength in rival Dalian soyoil. Rising exports in October also supported sentiment, notably after cargo surveyors reported that Malaysia’s palm oil exports grew between 4.3% and 5.2% during the month. Still, gains were capped as data showed palm oil imports by top buyer India fell to a five-month low in October, bringing total purchases in the 2024/25 marketing year to the lowest in five years, as buyers shifted to soyoil following a rally in palm oil prices. Meanwhile, Reuters projected that stocks in Malaysia likely rose 3.5% in October to 2.44 million metric tons, their highest since October 2023. In Indonesia, the world’s largest producer, official data showed palm oil exports rising 11.6% yoy to 17.58 million tons in January–September, suggesting continued strength in global supply.
