Malaysian palm oil futures held above MYR 4,150 per tonne on Tuesday, sustaining gains from the prior session and rebounding from a four-month low hit last week. A weaker ringgit supported sentiment, while firmer Dalian oils provided further lift after Reuters said that China’s state-owned trader COFCO purchased at least 14 cargoes of U.S. soybeans for December–January shipment. However, upside was limited after the Malaysian Palm Oil Board announced a lower crude palm oil reference price for December. In India, the largest buyer, palm oil imports fell to a five-month low in October as buyers shifted to soybean oil amid higher palm prices, with 2024/25 imports down 16% to a five-year low of 7.56 million tonnes. Meanwhile, cargo surveyors estimated Malaysian palm oil product exports for November 1–15 fell 10% to 15.5% from the previous month. Additional pressure came from policy uncertainties in top producer Indonesia, including land-seizure issues and its biodiesel mandate.
