FX.co ★ Palm Oil Steadies Near MYR 4,030 Ahead of Christmas Break

On Wednesday, Malaysian palm oil futures remained relatively stable, hovering around MYR 4,030 following gains observed in the previous two sessions. This stability occurred amid a decrease in trading activity as the market prepared for the Christmas holiday on Thursday. While the stronger ringgit limited upward movement, support came from gains in competing edible oils in both Dalian and Chicago markets. Export data presented mixed trends: Intertek Testing Services reported a 2.4% month-on-month increase in Malaysian palm oil product exports from December 1 to 20, whereas AmSpec Agri Malaysia noted a 0.87% decrease during the same period. In the global context, Indonesia, the leading producer worldwide, has slated 15.65 million kilolitres of palm-based biodiesel for its 2026 blending mandate, as stated by an official from the Energy and Mineral Resources Ministry, highlighting a steady policy-driven demand. Meanwhile, in India, the largest consumer of palm oil, imports rose by approximately 5% in November compared to October, driven by more competitive pricing.