26.11.202504:53:43UTC+00Palm Oil Rises After 4-Day Slump

Malaysian palm oil futures saw an uptick of over 1% to approximately MYR 4,040 per tonne on Wednesday, effectively halting a four-session decline as bargain hunters returned to the market following a near five-month price low. This positive change was also supported by increased prices in competing oils on the Chicago exchange and a slight recovery in crude oil prices. Market participants highlighted that India, the largest buyer, might boost its palm oil imports by about 20% in the upcoming marketing year due to more favorable pricing, which could further bolster demand. However, the potential gains were somewhat contained by the appreciating ringgit and low export expectations, with data from cargo surveyors suggesting that Malaysian shipments likely decreased by 16.4% to 18.8% in the first 25 days of November compared to the previous month. Additionally, industry figures from October showed a surge in production by 11%, marking the highest output since August 2015, while stock levels rose to their highest in six and a half years. To maintain export competitiveness amid declining demand, the Malaysian Palm Oil Board adjusted the crude palm oil reference price for December downwards.