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.
[…] Malaysian palm oil(B – Trams): futures rose more than 5% to above MYR 6,300 per tonne, getting closer to a record high of MYR 6,470 hit last week on stronger demand as the conflict in Ukraine is putting pressure on prices of crude oil and other vegetable oils. As we published On 25/2/2022 The future predictions About the market Read More .. […]