
Malaysia's palm oil stocks rose 3.2% month-on-month to a record 3.62 million tonnes in October, driven by record crude palm oil output of 2.15 million tonnes. Phillip Capital expects output to moderate in November-December as fresh fruit bunch yields decline, which should ease the supply overhang.
Record inventories are bearish for palm oil prices in the near term. Stronger exports and a seasonal output decline could normalise stocks and support a price rebound into 2027.
After 96 past bearish report events, Palm Oil moved a median -0.1% over 5 sessions (48% higher; middle half -1.3% to +1.6%), and -0.9% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.