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Palm Oil Holds Above MYR 5,000 As Stronger Demand And Tight Supplies Concern

Malaysian palm futures held above MYR 5,000 per tonne during the third week of January, not far from a record high of MYR 5,161 hit earlier in the month, amid prospects of stronger demand and tight supplies.

  • Top producer Indonesia said it was planning to begin tests for biofuel with higher palm content in February, suggesting the country might restrict crude palm oil exports in the coming months.
  • On the other hand, cargo surveyors’ data showed exports from Malaysia, the world’s second-largest palm oil producer, fell between 32% and 45% during January 1-15 from a month earlier.
  • Palm oil booked its biggest gain in three months in early January as output expectations were hit by concerns over adverse weather in Malaysia.