Malaysian palm oil prices rise on renewed buying interest

Malaysian palm oil futures rose more than 1% on Friday, October 30, 2026, supported by bargain buying following previous price declines and gains in competing vegetable oils. January palm oil futures on the Bursa Malaysia Derivatives Exchange increased by 66 ringgit, or 1.43%, to 4,682 ringgit/t ($1,155.19/t). Overall, prices gained 1.56% in October, marking their fourth monthly increase in five months after falling 5.8% in September.

The Malaysian market was supported by a recovery in palm olein futures on China’s Dalian exchange and soybean oil prices in Chicago. Dalian’s most-active soybean oil contract rose 0.54%, while palm oil futures gained 0.9%. Meanwhile, soybean oil futures on the Chicago Board of Trade (CBOT) increased by 0.76%. As palm oil and soybean oil compete for market share in the global vegetable oil market, price movements in one tend to influence the other.

According to Anilkumar Bagani, head of research at Sunvin Group, bargain buying following previous price declines provided additional support. Traders stepped up purchases amid strong technical support below 4,600 ringgit/t. Meanwhile, higher global crude oil prices and strong export demand also supported the market throughout October, although concerns over rising palm oil inventories in Malaysia continued to limit further price gains.

Palm oil prices received additional support from rising crude oil futures amid geopolitical tensions in the Middle East and risks to energy supplies through the Strait of Hormuz. Higher crude oil prices make palm oil more economically attractive as a feedstock for biodiesel production. Meanwhile, the Malaysian ringgit strengthened by 0.07% against the US dollar, making palm oil slightly more expensive for foreign buyers.

Market attention is now focused on Malaysia’s upcoming October palm oil production, export and inventory data, scheduled for release on November 10. Analysts expect inventories may continue to increase, putting additional pressure on prices.

Tags: Malaysia, palm oil