Palm Oil Rises Despite Bearish MPOB Data

Malaysian palm oil futures jumped 1.3% to about MYR?4,650 per tonne, rebounding from earlier weakness as firmer prices on China’s Dalian market lent support. Export prospects also brightened after surveyor Intertek estimated Malaysia’s shipments surged 33.5% in the first ten days of October from the same period in September. In top buyer India, refiners reportedly booked around 150,000 tonnes of palm oil in three days last week, with sunflower oil supplies tight ahead of November’s festive demand. Even so, upside was capped by bearish monthly data from the Malaysian Palm Oil Board. September inventories swelled 24.5% to a record 3.51?million tonnes, extending a six-month rise. At the same time, output climbed 16.5% to 2.12?million tonnes, the highest since August 2015, while exports fell 12.1% to 1.12?million tonnes, marking a second monthly drop. Traders remained cautious, awaiting China’s inflation and trade figures later this week for further signals on demand in another key market.