Malaysian palm oil futures hovered around MYR 4,140 per tonne after being flat in the prior session, supported by strength in Dalian edible oils, firmer crude oil prices, and a weaker ringgit. The contracts were near their highest level in eight months, reflecting worries about weak production and shrinking stockpiles. New data from the industry regulator showed that crude palm oil production sank 10.18% from the prior month to 1.26 million tons at the end of February while inventories fell 5% to 1.92 million metric tons. Meanwhile, hopes of solid demand strengthened, particularly during the ongoing Ramadan fasting month and Eid-al Fitr festival in mid-April. However, a plunge of 24.75% to 1.02 million tons in exports last month capped the rise. 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.
