Malaysian palm oil futures edged higher on Monday, hovering slightly above MYR 4,000 per tonne after two sessions of losses. Sentiment improved on a weaker ringgit and firmer Chicago soyoil, while demand expectations strengthened ahead of the Lunar New Year and Ramadan in February. Optimism was reinforced by steady demand from India, the world’s top buyer, where November imports rose about 5% mom as refiners capitalized on lower prices. Gains, however, were capped by caution ahead of December supply data. Malaysian output fell 5.3% in November to 1.94 million tonnes, raising uncertainty over near-term production. Further limiting upside, top producer Indonesia lowered its January crude palm oil reference price to USD 915.64 per tonne from USD 926.14, signaling softer regional pricing. On the export front, cargo surveyors noted December palm oil shipments fell 5.2–5.8% from November. Geopolitical risks also lingered as traders weighed the impact of U.S. military action in Venezuela.
