# Palm Oil Slips as Indonesia Confirms Lower November Reference Price | Palm Oil Economics

> Malaysian crude palm oil futures were around RM 4,436/MT on 28 October, up about 1% after a run of weekly gains, with profit-taking and Dalian palm olein selling pulling prices lower. Indonesia's trade ministry set the November CPO reference price at USD 978.90/tonne, a 6.07% cut, and held the export levy at 12.5%.

- Date: 2026-11-01 · published 2026-11-01T12:06:37.893Z
- Category: policy · region Indonesia · magnitude medium
- Page: https://feedsoft.ai/events/8849-palm-oil-slips-as-indonesia-confirms-lower-november-reference-price-palm-oil
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

A lower Indonesian reference price and levy setting narrows Malaysia's price gap as buyers switch to cheaper Indonesian cargoes. Record Malaysian stocks and a Sarawak storage glut keep near-term palm oil prices under pressure despite crude support.

## Read by commodity

- SBO: bearish ▼
- WTI: bearish ▼
- PALMOIL: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| PALMOIL | 2023-05-31 | [Indonesia sets June 1-15 crude palm oil reference price at $811.68](https://feedsoft.ai/events/7321-indonesia-sets-june-1-15-crude-palm-oil-reference-price-at-811-68.md) | -7.4% | -2.2% |
| PALMOIL | 2025-12-02 | [Palm Oil Magazine - Indonesia Cuts December CPO Reference Price by 3.9%, Adjusts Export Tax and Levy - Palm Oil Magazine](https://feedsoft.ai/events/15509-palm-oil-magazine-indonesia-cuts-december-cpo-reference-price-by-3-9-adjusts.md) | +0.8% | -0.2% |
| PALMOIL | 2022-08-02 | [Palm drops 5% for second day as Indonesia cuts reference price - Markets - Business Recorder](https://feedsoft.ai/events/40139-palm-drops-5-for-second-day-as-indonesia-cuts-reference-price-markets-business.md) | -1.3% | +0.7% |
| PALMOIL | 2023-05-15 | [Indonesia sets May 16-31 crude palm oil reference price at $893.23/t - Markets - Business Recorder](https://feedsoft.ai/events/15733-indonesia-sets-may-16-31-crude-palm-oil-reference-price-at-893-23-t-markets.md) | -2.2% | -9.8% |
| PALMOIL | 2025-12-31 | [Palm Oil Magazine - Indonesia Sets January 2026 CPO Reference Price at USD 915.64 per MT - Palm Oil Magazine](https://feedsoft.ai/events/21610-palm-oil-magazine-indonesia-sets-january-2026-cpo-reference-price-at-usd-915-64.md) | +0.5% | +3.2% |
| WTI | 2021-04-01 | [OPEC+ Shows Confidence in Economic Recovery With Oil-Supply Hike - Bloomberg](https://feedsoft.ai/events/47505-opec-shows-confidence-in-economic-recovery-with-oil-supply-hike-bloomberg.md) | +0.7% | +9.8% |
| WTI | 2019-04-25 | [Oil Tumbles Most in Two Months as Trump Promises Lower Prices - Bloomberg](https://feedsoft.ai/events/8094-oil-tumbles-most-in-two-months-as-trump-promises-lower-prices-bloomberg.md) | -3.6% | -6.8% |
| WTI | 2022-03-09 | [Oil drops 12% for worst day since November as wild ride triggered by Russia disruption continues](https://feedsoft.ai/events/5777-oil-drops-12-for-worst-day-since-november-as-wild-ride-triggered-by-russia.md) | -22.0% | -17.5% |

## Sources

- palmoileconomics.com: https://palmoileconomics.com/news/2026-11-01-palm-oil-drifts-lower-as-indonesia-cuts-november
- palmoileconomics.com: https://palmoileconomics.com/news/2026-11-02-palm-complex-drifts-lower-as-indonesia-cuts-refe

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.