20 June 2013 09:44 [Source: ICIS news]
SINGAPORE (ICIS)--Malaysia’s palm oil suppliers exported 928,810 tonnes during 1-20 June, an increase of 16.19% from the same period in May, according to cargo surveyor Intertek Testing Services on Thursday.
The surge in exports came on the back of increased restocking activity in the Indian subcontinent ahead of the Ramadan month in July. Imports in the market grew by 41.78% to 274,030 tonnes.
Improved Chinese and European buying also contributed to the higher palm oil exports.
The benchmark September contract on the Bursa Malaysia Derivatives Exchange was at ringgit (M$) 2,474/tonne ($785.40/tonne) in late afternoon trade on 20 June, up slightly from the previous session’s closing price at M$2,472/tonne.
($1 = M$3.15)
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