Malaysia palm oil exports on 1-10 September rise 26.8%

10 September 2012 07:06  [Source: ICIS news]

SINGAPORE (ICIS)--Malaysia exported 453,302 tonnes of palm oil during 1-10 September, up by 26.8% from the same period in August, according to cargo surveyor Intertek Testing Services on Monday.

The country is the world's second largest palm oil producer.

Demand for prompt cargoes delivering in September and October is expected to be healthy, leading up to the Diwali festival, India’s peak festival season in the first half of November, traders said.

However, buying activity for the forward months of November and December has been slow so far, traders said.

“There is not much forward buying because of the volatile prices and weak macro-economic factors,” a trader said.

In August, Malaysia’s palm oil exports rose by 10% from the previous month to 1.43m tonnes, while crude palm oil (CPO) production was down by 1.7% at 1.66m tonnes during the same period, according to the Malaysian Palm Oil Board on Monday.

The total palm oil stocks at the end of August increased by 5.8% to 2.12m tonnes, the board said.

By: Yeow Pei Lin

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