Palm Oil Inches Up as Traders Await Monthly Data

Malaysian palm oil futures edged higher to near MYR 4,580 per tonne, extending gains after a rally snapped a recent slide. Support came from a weaker ringgit and firmer crude oil amid Middle East supply risks, lifting palm oil’s appeal as a biodiesel feedstock. Meanwhile, analyst Dorab Mistry sees prices holding between MYR 4,500—5,000 through December, capped by elevated inventories despite El Niño supply risks next year. In India, palm oil imports in the world’s largest importer are expected to stay steady in 2026/27 after a duty cut, with lower edible-oil tariffs ahead of the festive season offering near-term support. Gains were capped by weaker Chicago soyoils, while China’s Dalian exchange stayed shut for a holiday. Caution also grew ahead of Malaysian Palm Oil Board monthly data, with stocks seen peaking this month. In top grower Indonesia, Danantara Sumberdaya began testing a monitoring platform aimed at improving transparency in commodity exports, including palm oil.