• Strength in Dalian and Chicago edible oils • Crude oil rally amid Middle East tensions Demand remains constructive: • India imports +10.1% MoM (6-month high) Policy backdrop supportive: • Indonesia exports +77.1% YoY (Jan) • Export levy increased to 12.5% to support biodiesel mandate Risks to monitor: • February shipment decline (~22%) • China PMI uncertainty Momentum positive — but dependent on Asian demand resilience. 🔹 FollowMe (Macro & Commodity Strategy) Palm oil’s current rally is a convergence trade. Three forces aligning: 1️⃣ Currency weakness (ringgit) 2️⃣ Energy strength (crude oil risk premium) 3️⃣ Restocking demand from India Add to that Indonesia’s aggressive export growth and biodiesel policy reinforcement — and you have structural supply rebalancing. Yet caution is warranted: • February export shipments declined materially • China’s PMI may signal post-holiday softness • Geopolitical premium in crude can unwind quickly The bigger picture: If crude remains elevated and China stabilises, palm oil could extend toward higher resistance levels. If China weakens, upside may stall. Commodity traders should watch Asian macro prints closely this week.