Malaysian August palm oil exports up 31%Staff Writer | September 16, 2016
Malaysian palm oil exports in August were 31% higher month on month at 1.81 million mt, amid demand China and India, Malaysian Palm Oil Board data showed.
Asia Crude palm oil from Malaysia during August was up 7.3%
The increase was higher than a forecast by Malaysia's CIMB Bank, which had predicted a rise of 27%, based on cargo estimates, Platts reports.
Crude palm oil from Malaysia during August was up 7.3% month on month at 1.7 million mt, which was 17% lower year on year. CPO production in both Indonesia and Malaysia was hit by El Nino weather during early 2016.
August palm oil import demand, which was 12.7% higher year on year from 1.61 million mt last August, was instrumental in sending Malaysian palm oil inventories down to 1.46 million mt in August - the lowest since January 2011 - from 1.77 million mt in July.
Predicting this fall in inventories, market participants in the Bursa Malaysia CPO futures market had sent palm prices spiralling to yearly highs of around MR2,905/mt ($726/mt) during August. ■