Malaysian palm oil rises on July export surge

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

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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.

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