Malaysian palm oil futures traded around MYR 4,160 per tonne, building gains from the prior session to hover at their highest in near eight months amid strength in rival edible oils and a rise in crude oil prices. Meanwhile, bets of robust demand mounted, particularly during the ongoing Ramadan fasting month and Eid-al Fitr festival in mid-April. Separately, new data from the industry regulator showed palm oil stocks at the end of February fell to their lowest since July 2023 while production hit a 10-month low due to adverse weather and a lack of workers. On cargo surveyor data, shipments of Malaysian palm oil products for March 1-10 grew by 6.8% to 382,640 tons, according to Intertek Testing Services. Meanwhile, AmSpec Agri Malaysia said shipments rose 6.2% to 325,543 tonnes during the period. Limiting the upside momentum was top buyer India’s palm oil imports in February which sank to a 9-month low, with buyers reducing their palm oil orders to increase buying of sunflower oil.
