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Palm Oil Today Eased to MYR 6,300 Per Tonne While Traders Are Looking For Alternate Of Sunflower And Rapeseed To Palm Oil

 
Malaysian Palm Oil:  Eased to MYR 6,300 per tonne, having touched a near five-week high at 6,546 earlier on stronger crude oil futures as investors await data on Malaysia’s export shipments during April 1-20.

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.

The latest data showed Indonesia, the world’s biggest palm producer, exported 2.098 million tonnes of palm oil and its refined products in February, up 1.35% annually, while production rose 13.8%.

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..

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