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06.10.202604:40:15UTC+00Palm Oil Inches Up as Traders Await Monthly Data

Malaysian palm oil futures inched up to around MYR 4,580 per tonne, extending gains after a recent rebound halted an earlier decline. Prices were supported by a weaker ringgit and stronger crude oil, as heightened supply risks in the Middle East boosted palm oil’s attractiveness as a biodiesel feedstock.

Analyst Dorab Mistry expects prices to trade in a range of MYR 4,500–5,000 through December, noting that elevated inventories are likely to cap further upside despite El Niño–related supply risks next year. In India, the world’s largest palm oil buyer, imports are projected to remain stable in 2026/27 following a duty cut, while lower edible-oil tariffs ahead of the festive season are providing additional near-term support.

Upside was limited by weaker Chicago soyoil prices, while trading interest from China was muted as the Dalian exchange remained closed for a holiday. Market participants also adopted a cautious tone ahead of monthly data from the Malaysian Palm Oil Board, with inventories widely expected to peak this month. In Indonesia, the top producing country, Danantara Sumberdaya has begun testing a monitoring platform designed to enhance transparency in commodity exports, including palm oil.

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