Malaysian palm oil futures fell on Tuesday, as traders locked in profits after prices rallied to a 4-1/2-month high in the prior session on Russia’s attacks on Ukrainian grain warehouses.

The contract had gained about 3.2% in the previous session, hitting its highest level since March 10.

FUNDAMENTALS
Russia destroyed Ukrainian grain warehouses on the Danube River in a drone attack on Monday, targeting a vital export route for Kyiv in an expanding air campaign that Moscow began last week after quitting the Black Sea grain deal.

Palm oil may retest a resistance at 4,211 ringgit per metric ton, a break above which could lead to a gain into 4,266-4,355 ringgit, Reuters technical analyst Wang Tao said.