Malaysia's palm oil exports up 14.6% during 1-20 September
20 September 2012 10:51 [Source: ICIS news]
SINGAPORE (ICIS)--?xml:namespace>Malaysia exported 928,110 tonnes of palm oil during 1-20 September, up by 14.6% from the same period in August, according to cargo surveyor Intertek Testing Services on Thursday.
The upbeat export data, however, failed to lift the crude palm oil (CPO) futures in Malaysia as better-than-expected soybean harvests in the US has dampened the sentiment of investors, traders said.
The market had earlier expected the drought in the US midwest to have a severe impact on the supply of soybeans and this would have, in turn, reduced the availability of soybean oil and boost the demand for palm oil as an alternative edible oil.
Traders are also worried about a possible increase in Malaysia’s palm oil stocks. “We are watching the stock levels. Although exports have gone up, there is still plenty of supply because of strong production,’’ a trader said.
The benchmark December contract on the Bursa Malaysia Derivatives Exchange fell for a third session on 20 September to settle down by ringgit (M$) 31/tonne ($10/tonne) at M$2,828/tonne.
($1 = M$3.06) By: Yeow Pei Lin
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial
to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free
trial to ICIS Chemical Business.