Palm climbs over 3% on firmer soyoil, softer stock build

Malaysian palm oil futures rebounded on Wednesday, with the January contract finishing 3.55% higher at 4,407 ringgit per metric ton, Business Recorder reported. The rise ended a six-session losing run and followed stronger soybean oil prices overnight, alongside data showing Malaysian inventories increased by less than traders had anticipated.

October inventories nevertheless reached a record, as high output more than offset improved exports, but the reported level fell short of the 3.75 million tons forecast in a Reuters survey. Cargo assessors also put Malaysian palm oil exports for November 1-10 down 1.9% to 2.3% from the preceding month. Gains in Dalian and Chicago soybean oil contracts, a weaker ringgit and firmer crude oil added support, although traders said the market remained attentive to soybean oil and export trends.