Malaysian palm oil futures were little changed on Monday, holding around MYR 4,040 per tonne after modest gains in the prior session. Fresh monthly figures from the Malaysian Palm Oil Board showed inventories climbed 7.6% month-over-month to 3.05 million tons at the end of December, the highest in seven years. The build came despite a 5.5% drop in output from November to 1.83 million tons, though production still marked the strongest December in eight years. Exports offered some support, with shipments rising 8.5% to 1.32 million tons. At the same time, a firmer ringgit and weakness in edible oils on the Dalian exchange offset strength in Chicago’s rival oils. Looking ahead, traders remain cautious ahead of key Chinese data this week, including December trade and Q4 GDP. In India, the largest importer, palm oil purchases are expected to rebound in January after slumping to an eight-month low in December, pressured by softer winter demand and substitution toward competing oils.
