06.11.202504:35:45UTC+00Palm Oil Trades Higher

As of Thursday, Malaysian palm oil futures maintained levels above MYR 4,100 per tonne, showing a partial recovery from the previous session's decline. This uptick was supported by stronger performances in competing edible oils on the Dalian exchange. Amidst bargain hunting and robust export estimates for October, prices attempted to rebound from a recent 12-week low. Cargo surveyors indicated shipment increases ranging from 4.3% to 5.2%. Nonetheless, the market is poised to face a third consecutive weekly decline due to growing apprehension preceding the key trade and inflation data releases from China, a principal consumer. Additionally, the outlook for palm oil is further pressured by expectations of an increased rapeseed oil supply from India, stemming from a record level of planting this year. Reflecting this, India's palm oil imports dropped to a five-month low in October, marking the lowest total purchases for the 2024/25 marketing year seen in five years. In a related development, a Reuters report projected that Malaysia's palm oil stockpiles likely increased by 3.5% in October, reaching 2.44 million tonnes, the highest level recorded since October 2023.