Malaysian palm oil futures extended their decline, falling below MYR 4,150 per tonne to their lowest level since March, as traders digested October data from the Malaysian Palm Oil Board (MPOB). Inventories surged to a new record 3.62 million tonnes, marking a seventh monthly increase, while production rose for a fifth month, gaining 1.74% mom to 2.15 million tonnes. Further pressure came from weaker crude oil prices, which reduced palm oil’s appeal as a biodiesel feedstock, after U.S. President Trump signaled that further military strikes on Iran were unlikely. Regional competition also mounted as Indonesia cut its November CPO reference price by over 6% and slashed its export levy, making its supplies more competitive. Still, losses were limited by MPOB data showing a 55.8% monthly rebound in exports to 1.71 million tonnes, the highest in a year. The recovery coincided with stronger demand from India, where palm oil imports hit a 14-month high in October ahead of the Diwali festival.