Malaysian palm oil futures recovered, hovering above MYR 4,850 per tonne after recent declines, supported by firmer soyoils on Chicago markets and elevated crude oil prices as Middle East geopolitical risks persisted. Expectations of tighter supplies also lent support because Indonesia’s B50 biodiesel mandate is set to divert more palm oil to domestic use, while El Niño risks could curb output in Indonesia and Malaysia. Demand prospects improved after palm oil imports by India, the top consumer, rose 7% from July to 782,761 tonnes in August, the highest level since February, as refiners replenished stocks ahead of the festival season. Malaysia raised its October crude palm oil reference price while keeping the export duty at 10%. Gains were limited by weakness on the Dalian exchanges and estimates that Malaysian palm oil product shipments fell 12.8% to 24.7% month on month between Sept. 1 and Sept. 20.