Palm Oil Slips to Near Two-Week Low Despite Strong Exports

Malaysian palm oil futures extended losses, declining more than 1.5% to trade near MYR 4,700 per tonne and approaching a two-week low. Weakness in Dalian and Chicago edible oils weighed on sentiment, alongside record-high September stocks. Easing crude prices amid renewed Middle East diplomacy further reduced energy-market support. Still, losses were cushioned by expectations of tighter crop yields next year due to adverse weather linked to El Niño. On the demand side, cargo surveyors reported a 58.5%—78.4% surge in shipments during October 1—20 from the same period in September, supported by festive buying from India, the world's largest palm oil importer. The Malaysian Palm Oil Council expects prices to remain above MYR 4,600 in November, as India and China may increase purchases amid tightening supplies of competing oils. Further ahead, Indonesia's planned B50 biodiesel mandate is expected to boost domestic consumption and support demand in the world's largest palm oil producer.