Palm Oil Eases slightly But Heads for Strong Gains Weekly
Malaysian palm oil futures were around MYR 4,290 per tonne amid some profit-taking after prices touched an over 1-year peak of above MYR 4,300 in the prior session.
Meanwhile, rival edible oils in the Chicago Board weakened and crude oil prices eased.
At the same time, the latest industry data showed exports plunged 24.75% last month.
In top buyer India, palm oil imports in February sank 36% mom to the lowest since May 2023.
Still, the contracts are pointing to the fourth straight weekly increase, soaring about 4.7%, amid a weaker ringgit and low stockpiles as indicated by February readings that showed inventories fell 5% to the lowest in 7 months.
Moreover, bets of robust demand intensified on the back of the ongoing Ramadan fasting month and the upcoming Eid-al Fitr festival in mid-April.
On cargo surveyors’ data, shipments of Malaysian palm oil products for March 1-10 grew 6.8%, according to Intertek Testing Services; while AmSpec Agri said shipments rose 6.2% during the period.
Source Link: https://www.tradingview.com/news/te_news:406747:0-palm-oil-eases-slightly-but-heads-for-strong-gains-weekly/
