Crude palm oil prices to stay above $1,128 per ton in November, MPOC says

KUALA LUMPUR: Crude palm oil prices are expected to stay above 4,600 ringgit ($1,128) per metric ton in November on stronger export demand, sustained biodiesel consumption and a seasonal decline in production, the Malaysian Palm Oil Council said on Thursday.

Output declines were expected to reduce current stock levels, with Malaysian palm oil inventories projected to trend lower from November 2026 through February 2027, the council said in a statement.

“This should provide further support to palm oil prices in the final quarter of 2026,” MPOC said.

It said the weakness in palm oil exports in September was likely to be temporary, with shipments projected to increase significantly in the October to December period.

India and China were more likely to rely more heavily on palm oil imports in coming months, following expected constraints in sunflower oil and soybean oil supplies, MPOC said.

Elevated energy prices remain a key supportive factor for the vegetable oil market, favouring increased biodiesel blending globally, particularly in Indonesia, it said.

Main downside risks include an easing in energy costs and weaker-than-expected global vegetable oil consumption in the food sector due to inflation and economic pressures, it added.