Jakarta. Palm oil prices continued to weaken on Monday, with the benchmark contract falling to 4,064 ringgit ($986.65) per tonne on Tuesday, down 0.73 percent from the previous day, according to CFD market data. Prices have slipped 1.14 percent over the past month and are now 17.98 percent lower than a year earlier.

Malaysian palm oil futures slipped below the MYR 4,100 level as the ringgit’s appreciation eroded export competitiveness. The market also faced pressure from weaker vegetable oil prices, with both Dalian and Chicago soyoil futures declining amid concerns about sluggish Chinese soybean imports from the United States.

Market sentiment also weakened on expectations of swelling domestic stockpiles. Reuters projected that Malaysia’s palm oil inventories could climb to a six-and-a-half-year high by the end of November, adding to supply-side concerns. Indonesia’s decision to cut export taxes for December further weighed on prices by raising the likelihood of increased regional shipments.

Export data offered little relief. Cargo surveyor Intertek reported a 19.7 percent month-on-month drop in Malaysia’s November shipments, underscoring softer global demand.

Even so, losses were partially cushioned by improving trade indicators from China, a key buyer of palm oil. Chinese exports rebounded while imports accelerated, signaling resilient economic activity that could support edible oil demand. In India, the world’s largest importer, refiners reportedly canceled around 70,000 tons of crude soyoil for December–January delivery due to high global prices and a weaker rupee, making palm oil a more attractive option.

Seasonal demand ahead of Lunar New Year and Ramadan 2026 is also expected to lend support in the coming months, helping limit further downside in the near term.