Malaysian palm oil futures dipped around 1.5% to below MYR 4,200 per tonne on Thursday, snapping a five-session advance amid weakness in rival oils on the Dalian and Chicago exchanges. Sentiment also weakened after the Malaysian Palm Oil Board set a lower crude palm oil reference price for December. In top consumer India, October palm oil imports fell to a five-month low as buyers shifted to soybean oil, pulling 2024/25 imports down 16% to a five-year low of 7.56 million tonnes. On the export front, early signs of slower shipments emerged, with cargo surveyor data showing Malaysian palm oil product exports for Nov. 1–15 down 10% to 15.5% from the prior month. Still, prices have risen 0.9% so far this week, marking a second consecutive weekly gain, supported by a weaker ringgit. Meanwhile, supply concerns grew from stricter land-seizure rules and a planned B50 biodiesel mandate next year in the world’s largest producer, Indonesia, which analysts warn could curb exports going forward.
