Malaysian palm oil rises on July export surge

MG News | July 17, 2023 at 10:30 AM GMT+05:00

Add Mettisglobal as a Trusted Source on Google

0:00

July 17, 2023 (MLN): Malaysian palm oil rose on Monday as the market weighed on the surge in July exports so far in Malaysia, the world's second-largest producer.

The benchmark palm oil contract is up by 0.54% to 3,902 ringgit a tonne.

Exports of Malaysian palm oil products for July 1-15 rose 16.7% to 510,249 tonnes from 437,101 tonnes shipped during June 1 - 15, independent inspection company AmSpec Agri Malaysia said on Saturday, as Reuters reported.

Another cargo surveyor Intertek Testing Services said exports during the same period rose 19.3% to 554,054 tonnes from 464,380 tonnes.

Malaysia has maintained its August export tax for crude palm oil at 8% and raised its reference price, a circular on the Malaysian Palm Oil Board website showed on Friday.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	166,409.25 235.53M	-0.47% -784.19
ALLSHR	100,707.78 824.63M	-0.45% -457.17
KSE30	49,026.65 68.91M	-0.60% -294.03
KMI30	237,971.74 66.09M	-0.41% -986.42
KMIALLSHR	65,023.98 327.90M	-0.48% -312.08
BKTi	45,944.24 13.97M	-0.74% -340.31
OGTi	33,648.58 5.44M	-0.37% -124.48

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	78,160.00	78,180.00 76,820.00	1190.00 1.55%
BRENT CRUDE	113.40	114.29 111.03	2.60 2.35%
RICHARDS BAY COAL MONTHLY	134.00	134.00 134.00	3.00 2.29%
ROTTERDAM COAL MONTHLY	148.05	148.05 145.60	4.10 2.85%
USD RBD PALM OLEIN	1,182.50	1,182.50 1,182.50	0.00 0.00%
CRUDE OIL - WTI	102.95	0.00 0.00	-1.17 -1.12%
SUGAR #11 WORLD	19.37	19.58 19.21	-0.10 -0.51%