JAKARTA: Malaysian palm oil futures slid for a fourth consecutive session and booked their first monthly drop in four months on Wednesday as expectations of rising inventory pressured the contract. The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange was down 12 ringgit, or 0.26percent, to 4,612 ringgit (USD1,132.06) a metric ton, their lowest closing since July 21.
The contract declined 5.76percent in September. “Crude palm oil futures market is still in bear mode. Market players are anticipating high end stocks,” a Kuala Lumpur-based trader said, adding the market is waiting for September-end inventory data that will be released by the Malaysian Palm Oil Board on October 12 for further direction. Dalian’s most-active soyoil contract surged 1.32percent, while its palm oil contract added 0.1percent.
Soyoil prices on the Chicago Board of Trade were up 0.06percent. Palm oil tracks the price movements of rival edible oils, as it competes for a share of the global vegetable oils market.
India’s sunflower oil imports are likely to rise 30percent in the 2026/27 marketing year to 3.5 million metric tons, as a cut in import duties has lowered prices and boosted demand, while palm oil imports are likely to remain steady, the head of a leading industry body told Reuters on Wednesday.
Exports of Malaysian palm oil products for September fell between 17.1percent and 28.8percent compared to August shipments, cargo surveyor Intertek Testing Services and AmSpec Agri Malaysia said on Wednesday.