Malaysian palm oil futures hovered above MYR 3,600 per ton, extending gains from the prior session while escaping from a near 4-month low of around MYR 3,500 notched earlier in the week, amid a weaker ringgit and improving demand from China in the wake of the Golden Week break. Also, orders from India strengthened ahead of November’s Diwali festival. Contracts are heading for a near 3% jump weekly, with concerns about supply pressures easing after top exporter Indonesia clarified that it would not make exports mandatory via a new exchange in Jakarta. On cargo surveyors’ data, shipments of Malaysian palm oil products for Oct. 1-10 rose 12.5% to 29.6% mom. Separately, palm oil stocks at the end of September rose 9.6% to 2.31 million tons, the highest in 11 months, according to the Malaysian Palm Oil Board. The board also revealed that palm oil production last month gained 4.33% mom to 1.83 million tons. Limiting the upside momentum was a buildup of stocks and pressure from edible oils.
