Malaysian palm oil futures edged up on Monday after a better-than-expected export data for the first 10 days of the month signalled stronger demand for the tropical oil as buyers replenished stocks ahead of a Muslim festival. Exports of Malaysian palm oil products between May 1 and May 10 surged about 28 percent to 391,856 tonnes compared with a month ago, cargo surveyor Intertek Testing Services reported, on the back of stronger demand from India, China and Europe. This months demand will generally be better. People are anticipating exports to rise between 7-8 percent month-on-month, another Kuala Lumpur-based trader said. If the full exports does not maintain this, then prices may come under pressure.
Posted on: Tue, 13 May 2014 03:20:47 +0000