04.11.202604:05:20UTC+00Palm Oil Hovers Near MYR 4,500 as Bearish Factors Weigh

Malaysian palm oil futures remained under pressure, trading around MYR 4,500 per tonne and briefly touching their lowest level in over a month. Market sentiment deteriorated in line with losses in the Dalian and Chicago edible oil markets and mounting concerns over ample supplies. Inventories hit a record high in September and are widely expected to exceed 3 million tonnes by year-end amid peak seasonal production.

Competitive headwinds also intensified after Indonesia cut its November CPO reference price by 6.07% to USD 978.90 per tonne and reduced its export levy, eroding the price competitiveness of Malaysian palm oil. At the same time, easing crude oil prices—on hopes of progress in US–Iran peace talks—dampened the appeal of palm oil as a biodiesel feedstock.

Trading was further tempered by caution ahead of the Malaysian Palm Oil Board’s (MPOB) monthly report due on November 10. Even so, a weaker ringgit and firm demand offered some support. October export shipments surged by between 45.4% and 73.5% from September, while in India—the world’s largest buyer—palm oil imports climbed to a 14‑month high in October, driven by festive demand ahead of Diwali.