31 May 2013 09:43 [Source: ICIS news]
SINGAPORE (ICIS)--Malaysia’s May palm oil exports fell by 3.28% from the previous month to 1.26m tonnes, according to cargo surveyor Intertek Testing Services on Friday.
The drop in exports was due to a slowdown in demand from China and the EU, the data showed. Shipments to China were at 226,390 tonnes, down from 362,637 tonnes in April, while exports to Europe were down 11% at 192,743 tonnes.
However, pre-festive buying in the Indian subcontinent and the Middle East has helped to offset some of the declines in the other markets. Import demand in the two regions rose by 39% to 486,206 tonnes ahead of the Ramadan month, starting in early July.
The benchmark August contract on the Bursa Malaysia Derivatives Exchange was at ringgit (M$) 2,384/tonne ($777/tonne) in late afternoon trade on 31 May, up slightly from the closing price at M$2,372/tonne on 30 May.
($1 = M$3.07)
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