JAKARTA: Internationally Malaysian palm oil rose above MYR 4,200 on Tuesday, trading at levels not seen in two months, supported by a broad rebound in vegetable oils and weakness in the ringgit.
Also Malaysian palm oil futures opened higher on Tuesday, heading for a second straight session of gains, supported by stronger rival vegetable oils and higher crude oil price.
Vegetable oils rose sharply as increasingly aggressive Russian attacks in Ukraine hampered hopes that Ukraine would be able to produce and export usual quantities of soy oil and sunflower oil.
In the meantime, Internationally palm oil supply was also jeopardized as storms and flood risks during the incoming monsoon season sparked concerns of harvesting disruptions, risking output in major producers of South-East Asia.
Keeping a lid on prices were signs of weak export demand from Malaysia, with palm oil shipments from October 1-20 falling between 4.3% and 8.4% from the same period in September, according to two cargo surveyors.
At the same time, increasing competition from rival Indonesia after Jakarta waived an export levy should limit further gains.