Palm ends at 17-week low, market awaits MPOB’s data

Malaysian palm oil futures closed lower on Wednesday, the lowest level in 17 weeks, weighed down by rival oils at Dalian exchange and high October end-stocks, while the market awaited fresh monthly data. The benchmark palm oil contract FCPO1! for January delivery on the Bursa Malaysia Derivatives Exchange lost 34 ringgit, or 0.82%, to 4,109 ringgit ($972.77) a metric ton at the close. “The prices traded marginally higher by midday as the market awaited fresh palm data and news. Upside movement remained capped by lingering concerns over elevated palm end stocks of October,” a Kuala Lumpur-based trader said. The Malaysian Palm Oil Board (MPOB) is scheduled to release its monthly data on November 10. Malaysia’s palm oil inventories likely climbed to a two-year high in October, as production surged to its strongest level in seven years, outpacing export demand. Stockpiles are projected to have risen 3.5% during the month to 2.44 million tons, the highest since October 2023. Dalian’s ...