Palm rebounds from four-month low

Malaysian palm oil futures rose on Tuesday, recovering from a near four-month low hit in the previous session, after a sharp fall last week. The benchmark palm oil contract FCPO1! for January delivery on the Bursa Malaysia Derivatives Exchange gained 29 ringgit, or 0.7%, to 4,144 ringgit ($981.06) a metric ton at the close. Palm oil futures are finding a reprieve after continuing production in Malaysia and profit-taking by traders fueled a sharp drop last week, said Sandeep Singh, director of The Farm Trade, a Kuala Lumpur-based consulting and trading firm. Malaysia’s palm oil inventories are forecast to climb to a two-year high in October, driven by a surge in production to the highest level in seven years, outpacing export demand. Palm oil stocks are expected to surge 3.5% in October to 2.44 million metric tons, their highest since October 2023. Dalian’s most-active soyoil contract (DBYcv1) traded flat, while its palm oil contract CPO1! shed 0.85%. Soyoil prices on the Chicago ...