Malaysian palm oil futures fell below MYR 4,120 per tonne, extending weakness from the prior session. Weaker Dalian palm olein and subdued demand from key consumers such as India and China weighed on prices. Markets lingered at a four-month low, heading for a fifth straight weekly fall amid expectations of higher output. The Malaysian Palm Oil Board reported that October production rose 11.02% from the prior month to the highest since August 2015, while end-October stocks hit a 6-1/2-year high. Slower economic activity in China, reflected in weaker industrial output and retail sales, added further pressure. Still, a slightly weaker ringgit limited losses by supporting export competitiveness. Meanwhile, top grower Indonesia plans to open 600,000 hectares of new plantation land, the first expansion since the moratorium lapsed four years ago, pointing to potential growth in global supply. The end of the U.S. government shutdown also offered relief to global markets, including palm oil.
