Palm oil under pressure to start the week – Tradingview News

Malaysian palm oil futures fell by 3% to under Myr 4,500 per ton and cut a rally with two sessions when traders made profits.

The signs of weak exports exist, whereby freight vermeters stated that the programs decreased between 7.5% and 10.1% in the first 15 March days compared to one month.

In addition, exports shrank 16.27% in February to a low of four years of 1 million tons.

China limited further losses and presented a “special action plan” to increase domestic consumption, including measures to increase household income.

In the meantime, China's industrial production rose more than expected in early 2024, and retail sales have recorded its strongest increase since October.

On the offer side, the stocks of Malaysias decreased to a fifth month to 1.51 million tons in February, the lowest since April 2023, while production decreased by 4.16% to a three-year low of 1.19 million tons due to flood disorders.

In India, palm oil imports rose by 35.7%in February, which is due to stocking activities and price advantages.