2026.11.1205:41:10UTC+00Palm Oil Rises Further on Bargain Hunting, Softer Stock Build

Malaysian palm oil futures extended gains to trade near MYR 4,450 per tonne, supported by a weaker ringgit and stronger rival edible oils on the Dalian exchange. Prices moved further away from their lowest level since early March, with bargain hunting continuing after stocks rose less than anticipated. October inventories climbed to a record 3.62 million metric tons, but remained below market expectations of 3.75 million tons. In Indonesia, the world’s largest producer, palm oil product exports reached 33.8 million tons in January–October, up 6% year-on-year. At the same time, seasonal output in Southeast Asia is expected to decline as palm trees enter their low-yield phase from November, with potential El Niño impacts posing an additional supply risk. Still, upside momentum was capped by signs of softer demand in November, as cargo surveyors reported that shipments fell by 1.9–2.3% in the first ten days of the month compared with October. Meanwhile, Malaysian Palm Oil Board data showed that production rose for a fifth consecutive month in October.