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Malaysian palm oil futures traded near MYR 3,900 per tonne after falling below MYR 3,820 earlier in the week, supported by strength in rival oils in Dalian and Chicago soyoil, and sustained gains in crude oil prices.
Meanwhile, expectations of robust demand grew ahead of the Ramadan fasting month.
At the same time, traders were worried about weak production in February due to seasonal factors, including adverse weather.
In top exporter Indonesia, palm oil business players hoped the new administration would deal with challenges in the industry, especially regarding the overlapping regulations among ministries and government institutions. local media said.
Capping the rise were weak export figures, as cargo surveyors data noted shipments of Malaysian palm oil products for Feb. 1-20 likely fall by 3.4% to 18.3% from the same period in January.
Meanwhile, Malaysia kept its March export tax for crude palm oil at 8% and raised its reference price.
Source: Trading News
