Posted by EngineeringProfit > 2024-04-27 18:03 | Report Abuse

Malaysian palm oil futures took a positive turn, marking their first upward trend in three sessions amidst stiff competition from soyoil, driven by concerns over Argentina's soybean crop due to adverse weather conditions. Despite starting the week at a two-month low, the market showed signs of resilience, buoyed by strengthening crude oil prices and promising export data. Reports from cargo surveyors revealed a significant increase in Malaysia's palm oil shipments for the first twenty days of April compared to March, indicating a healthy demand trend. March's export figures further underscored this optimism with a notable surge. However, the week witnessed a slight dip in contracts, attributed to potential Q2 production upticks discussed by Malaysia's Programme Advisory Committee, focusing on enhancing crop quality and farm management efficiency. Uncertainty loomed regarding short-term demand post-festive buying.