KUALA LUMPUR: Malaysian palm oil futures ended higher on Monday after touching their lowest level this month, lifted by strong exports in the No.2 grower, but a delay to export levies in the world’s top producer Indonesia mounted some pressure onto the contract.
Cargo surveyor Intertek Testing Services (ITS) reported exports of Malaysian palm oil products for May 1-25 rose 52.9 per cent to 1,382,782 tonnes from 904,112 tonnes shipped during April 1-25.
Shipments of crude palm oil surged to 528,143 tonnes during the period, from 58,500 tonnes a month ago. The benchmark August contract on the Bursa Malaysia Derivatives exchange had edged up 0.3pc to 2,141 ringgit ($592.50) a tonne by Monday’s close. It earlier touched 2,121 ringgit, its lowest level since April 30.
Published in Dawn, May 26th, 2015
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