Tuesday, 2 July 2013

Palm oil edges up on higher exports

Malaysian palm oil futures rose on Monday, after three straight sessions of losses, as higher exports fuelled hopes of a further drop in stockpiles. The country’s palm oil exports in June increased seven per cent to 1,350,311 tonnes from 1,262,281 tonnes shipped during May, cargo surveyor Intertek Testing Services said. Countries like India and Pakistan were buying more ahead of the Muslim holy month of Ramadan, which starts next week, when consumption typically rises due to communal feasts. Shipments to China and Europe also rose. (Reuters)

Source: CIMB Daybreak - 02 July 2013

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