Palm Oil Extends Losses as Weak Exports, High Stocks Weigh Market

Palm oil prices edged higher on Wednesday but remained under pressure as a stronger ringgit, softer export demand, and swelling inventories reinforced a bearish outlook for the commodity. Benchmark palm oil climbed 0.23 percent to 3,999 ringgit ($967.5) per tonne on Nov. 26, rebounding slightly after sliding more than 8.5 percent over the past month and down nearly 17 percent from a year earlier, according to CFD data tracking the global benchmark. Futures in Kuala Lumpur hovered near 4,025 ringgit, touching their weakest level since late June, Trading Economics said. The firmer ringgit continued to dampen export appetite, while weaker contracts on China’s Dalian exchange added to the downward pressure. Traders also braced for softer shipment figures ahead of cargo surveyor data for Nov. 1–25, with early estimates pointing to a 14 percent–20 percent month-on-month drop in exports during the first 20 days of November. Malaysia’s Palm Oil Board has set a lower crude palm oil ...