Palm Oil: increased to a 4-week high of 6383 MYR/T, buoyed by strong demand from top buyers India and China.
The shortage of sunflower and rapeseed oils, which Russia and Ukraine account for nearly 75% of the global exports, is forcing major importers to look for alternatives including palm oil from Malaysia and Indonesia.
India’s palm oil imports jumped 18.7% in March from the previous month as investors moved to secure alternatives to sunflower oil coming from Ukraine.
Meanwhile, exports of Malaysian palm oil products for April 1-10 fell 20.7% from the same period in March, according to data by cargo surveyors.
On top of that, the Malaysian Palm Oil Council forecast a slight rise in 2022 global output, with Malaysia’s production seen at 18.9 million tonnes and Indonesia’s at 47.1 million tonnes