Palm Oil Eases from Over 1-Year High
Malaysian palm oil futures fell 1% to below MYR 4,250 per tonne, amid some profit-taking after prices hit a more than 1-year peak of above MYR 4,300 last week.
Several traders anticipated a higher production figure from the Southern Peninsular Palm Oil Millers Association.
In top buyer India, palm oil imports sank 36% mom in February to the lowest since May 2023.
Capping the decline were firmer crude oil prices and strength in rival edible oils.
Meanwhile, bets of robust demand prevailed on the back of the ongoing Ramadan fasting month and the upcoming Eid-al Fitr festival in mid-April.
At the same time, inventories fell 5% in February to the lowest in seven months.
On cargo surveyors’ data, shipments of Malaysian palm oil products for March 1-15 grew 8.4% from the same period in February, independent inspection company AmSpec Agri Malaysia said.
Meanwhile, Intertek Testing Services reported a 3.3% increase in the same period.
Source Link : https://www.tradingview.com/news/te_news:406922:0-palm-oil-eases-from-over-1-year-high/
