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Malaysian palm oil futures tumbled on Tuesday after closing at their highest since mid-June 2022 in the previous session, trailing weakness in soyoil prices. The benchmark palm oil contract FCPOc3 for January delivery on the Bursa Malaysia Derivatives Exchange lost 165 ringgit, or 3.18%, its biggest daily drop since Aug. 5, to 5,031 ringgit ($1,134.64) a metric ton at closing, snapping a four-session rally. “Prices went up too much already, normal to head lower. We are too expensive compared to other edible oils,” said a Kuala Lumpur-based trader, adding that fundamentals are not supportive of the price. Exports of Malaysia’s palm oil products in the Nov. 1-10 period declined between 14.6% and 15.8% compared to the same period a month ago, according to surveyors AmSpec Agri Malaysia and Intertek Testing Services (ITS).

Crude palm oil (CPO) futures on Bursa Malaysia Derivatives snapped a four-day winning streak to end lower on Tuesday as a weaker export pace weighed on prices, said a dealer. Palm oil trader David Ng said the market sentiment was also influenced by the lower Chicago Board of Trade soybean oil future prices during Asian trading hours. “We see support at RM5,000 and resistance at RM5,200 a tonne,” he told Bernama.

Malaysia's palm oil stocks shrank the most in seven months in October as exports surged, production fell and domestic consumption increased, the country's industry regulator said on Monday. The drop in stocks could support the rally in benchmark futures, which are already hovering near their highest levels in more than two years.