Malaysian palm oil exports fell in August on weak demand from India
Shipments from the world's second-largest producer totalled 1.3 million tonnes in August, according to analysts.
Malaysian palm oil exports likely decreased in August due to weaker-than-usual demand from India, according to a Bloomberg survey of industry experts. The shipments from Malaysia, the world's second-largest producer, fell to 1.3 million tonnes, marking an 8% decline from the previous month. Stockpiles expanded by around 6% to the highest level since January.
The tropical oil has risen by approximately 7% in the third quarter, with prices nearing a two-year high. The potential impact of the El Niño weather pattern on future production and Indonesia diverting more palm oil to biofuels are cited as contributing factors. Anilkumar Bagani, head of research at Sunvin Group, suggested that the rally in prices may be deterring price-sensitive buyers in India. Malaysia's Palm Oil Board is expected to release official August data by September 10.
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- Malaysian palm oil exports fell in August on weak demand from India freemalaysiatoday.com
