Malaysia's palm oil exports up by 2.84% in March

01 April 2013 10:53  [Source: ICIS news]

SINGAPORE (ICIS)--Malaysia's palm oil exports rose by 2.84% from the previous month to 1.36m tonnes in March, cargo surveyor Intertek Testing Services said on Monday.

The increase came on the back of stronger demand for refined palm olein, with shipments rising by more than 50% to 710,450 tonnes, the data by Intertek Testing Services showed.

Top consumer China imported 403,420 tonnes of palm oil in March, an increase of nearly 30%  from the previous month.

The stronger export data helped limit the losses on Malaysian crude palm oil (CPO) futures, which were weighed down by high soybean stocks in the US.

The benchmark June contract on the Bursa Malaysia Derivatives Exchange was at ringgit (M$) 2,347/tonne ($759.55/tonne) in the late-afternoon trading on 1 April, down from the closing price at M$2,378/tonne on 29 March.

($1 = M$3.09)

By: Yeow Pei Lin

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