26 August 2013 13:11 [Source: ICIS news]
SINGAPORE (ICIS)--Malaysia’s palm oil suppliers exported 1.16m tonnes during 1-25 August, an increase of 7.14 % from the same period in July, according to cargo surveyor Intertek Testing Services on Monday.
Exports to China overtook those to the Indian subcontinent, growing 23.90% to 277,980 tonnes.
European buying activities also contributed to the higher palm oil exports.
The persistently devaluing Indian rupee against the US dollar led to lower imports, down 21.70% to 252,380 tonnes.
The benchmark November contract on the Bursa Malaysia Derivatives Exchange was at ringgit (M$) 2,429/tonne ($736.00/tonne) at market closing on Monday, up from the previous session’s closing price at M$2,367/tonne.
($1 = M$3.30)
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