Is Palm Oil About to Explode?

One thing I've learned over the years is that markets rarely move in isolation. When several related markets start telling the same story, it's worth paying attention.

Over the past few weeks, I've been monitoring four commodities on the weekly chart: crude oil, heating oil, soybean oil, and palm oil.

What's interesting is that crude oil broke above its long-term downtrend first. Heating oil followed. Then soybean oil started trending higher as well.

Unlike the other three, palm oil has been the laggard. Though it also has broken above its own multi-year downtrend line March this year, it remains stagnated.

However, I believe palm oil could be entering the catch-up phase.
The question is why now? What are the shifting fundamentals?

USD Malaysian Crude Palm Oil Calendar Futures and Options
Ticker: CPO
Minimum fluctuation:
0.25 per metric ton = $6.25

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