Palm oil under near — term pressure as rising stocks outweigh El Niño fears

El Niño impact is not immediate Stocks are set to surpass 3-million-metric ton mark in September Rising stocks are likely to pressure prices Exports have slowed By Rajendra Jadhav and Ashley Tang MUMBAI/KUALA LUMPUR, Sept 24 (Reuters) — Palm oil prices are poised to remain under pressure as rising inventories in Malaysia and sluggish buying by the world's biggest importer India weigh on the market and the impact of El Niño has yet to be felt, industry officials told Reuters. Malaysia, the world's second-biggest producer, has been receiving below-normal rainfall due to El Niño, but palm oil output rose month-on-month in September. The officials expect stocks to rise above an eight-month high of 2.82 million metric tons recorded in August. "Malaysian stocks are likely to rise above 3 million metric tons by the end of this month, putting pressure on prices," said Tajgir Rahman, general manager, trading and procurement at International Foodstuffs Co, known as IFFCO. Stock Level Could Spur Selling Malaysian monthly inventories have only exceeded the 3-million-ton mark five times to date. The last time stocks did so in December 2025, Malaysian futures fell to around 4,000 ringgit a ton,