Palm oil :Malaysian palm oil futures corrected to around MYR 6,000 per tonne, hit by some profit-taking after a massive rally that drove prices to a record high of MYR 6,470 earlier this session.
Still, any downward pressure seems short-lived as it lacks any strong fundamentals, with demand set to remain solid and supply tight.
Also It amid robust demand, supply constraints amid escalating Russia-Ukraine crisis, and dry weather in South America.
Malaysian Palm Oil Board’s estimated the country’s production in February fell 1.79% from the previous month, with exports rising faster than its output. Meanwhile, Indonesia, the world’s top producer, started requiring producers to sell 20% of their planned exports to the domestic market.
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