Palm oil price recovers from 12-week low
Malaysian palm oil futures rose, holding above MYR 4,100 (≈USD 978) per tonne. Prices had earlier fallen to a 12-week low, but a weaker Malaysian ringgit and positive momentum in the Dalian soybean oil market supported the recovery. An additional factor in the rise was a 4.3-5.2% increase in oil exports from Malaysia in October compared to the previous month.
However, further growth was limited by a decline in imports to India, the world’s largest buyer, where oil purchases fell to a five-month low in October. As a result, total oil imports in the 2024/2025 season reached a five-year low as buyers switched to more affordable soybean oil after higher palm oil prices.
According to a Reuters forecast, Malaysian oil inventories could increase by 3.5% in October, reaching 2.44 million tonnes, which would be the highest level since October 2023.
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