Malaysian Palm Oil : futures rose above the 3,850 Riggint per tonne level, extending its rebound from the 14-month low of 3,540 Riggint hit in early September amid strong export demand from top buyer India ahead of next month’s Diwali festivals and higher prices for other vegetable oils.
Data compiled by cargo surveyors showed that exports out of Malaysia rose by 30.6% to 950,830 tonnes in the first 20 days of September when compared to the same period in the prior month.
Still, higher gains were limited as the large inventory overhang in top producer Indonesia drove sales at a discounted price, further backed by Jakarta’s waiver of palm oil export taxes.
