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IPC Index — Mexico MarketMalaysian palm oil futures slipped for the fourth straight session, hovering near MYR 4,025 per tonne and touching their lowest level since the end of June. Sentiment weakened as a firmer ringgit made exports less attractive, and softer palm oil contracts on the Dalian exchange added additional pressure. Expectations of slower shipments also weighed on the market ahead of cargo surveyor data for November 1–25, with early estimates for the first twenty days of the month pointing to a 14.1%–20.5% mom decline. Adding to the bearish tone, the Malaysian Palm Oil Board set a lower crude palm oil reference price for December, while industry data showed October output surged 11.02% to its highest since August 2015 and stocks rose to a 6-1/2-year high. Still, losses were partly offset by hopes that India, the world’s top buyer, could boost palm oil imports by about 20% in the new marketing year, supported by more competitive prices that may help the tropical oil regain market share.
