Malaysia's palm oil exports down 9.41% during 1-20 May

20 May 2013 10:11  [Source: ICIS news]

SINGAPORE (ICIS)--Malaysia's palm oil exports were at 799,405 tonnes during 1-20 May, down by 9.41% from the same period in April, cargo surveyor Intertek Testing Services said on Monday.

Shipments to the key market of China fell by nearly 38% to 139,385 tonnes during the period, the data showed.

Traders are hoping that exports to India and the Middle East will strengthen ahead of the peak consumption period of Ramadan, which will begin in July. Exports to the Middle East rose to 114,200 tonnes during the first 20 days of May, from 46,758 tonnes during 1-20 April.  

The benchmark August contract on the Bursa Malaysia Derivatives Exchange was at ringgit (M$) 2,350/tonne ($778/tonne) in late afternoon trade on 20 May, up from the closing price at M$2,336/tonne on 17 May amid a firmer soy oil market

($1 = M$3.02)

By: Yeow Pei Lin

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