05.11.202506:40:50UTC+00Palm Oil Extends Gains

Malaysian palm oil futures experienced a slight increase, settling around MYR 4,150 per tonne, and marking a consecutive session of gains. Traders capitalized on bargain opportunities after prices dipped to a near four-month low earlier in the week. The positive sentiment was bolstered by improved export estimates for October, with cargo surveyors indicating a 4.3%–5.2% rise in shipments. Nonetheless, the upward momentum was restrained by weaker performance of rival edible oils on the Dalian exchange. Concurrently, palm oil imports by India, the largest consumer, declined to a five-month low, pushing total purchases in the 2024/25 marketing year to a low unseen in five years, as buyers opted for soyoil following the recent surge in palm oil prices. According to Reuters, Malaysia's stockpiles likely increased by 3.5% in October, reaching 2.44 million tonnes, the highest level since October 2023. In China, a significant consumer market, the government suspended additional tariffs on U.S. goods for a year, although U.S. soybeans still face a 13% tariff, including a 3% base rate, rendering them less competitive compared to Brazilian supplies.