The palm oil market extended its upward momentum into the second week of February, with Malaysian palm oil futures trading above the RM3,600 level for the first time since January amid strong exports and lower production. Shipments of Malaysian palm oil products for Feb. 1-10 jumped more than 50% to 400,375 tons from 260,080 tons shipped during the same period a month ago, cargo surveyor Intertek Testing Services said on Wednesday. Adding to a bullish sentiment bias was lower domestic production amid persist labour shortage caused by coronavirus-induced restrictions and heavy rainfall.
