On Wednesday, spot prices for palm oil in Asia rose.
On Wednesday, Malaysian Derivatives Exchange (BMD) crude palm oil futures closed higher and investors decided that demand for palm oil in Asia will grow. However, the market remains concerned that the euro zone debt crisis will cast a shadow on the global economic growth, further dragging down. Due to product demand, popularity is relatively cautious.
The benchmark August CPO price rose by RM 37, or 1.3 percentage points, to ITS data from the RM 3003/ton shipping survey. Malaysian palm oil exports reached 1,382,091 tons in May, compared to April. The 1,349,642 tons increased by 2.4%; data from the shipping survey agency SGS showed that Malaysian palm oil exports in May decreased by 0.2% from the previous month to 1,333,869 tons.
The main export destinations for palm oil are Pakistan and Middle East countries where Muslims are preparing for preparations for Ramadan beginning in mid-July. Traders expect palm oil exports in June to remain strong.
The Malaysian Palm Oil Board (MPOB) will release Malaysian palm oil inventory data by the end of May next Monday. Industry figures are expected to be 1.8 million tons.
In the spot market, the transaction price of refined palm oil in June was 980 US dollars per ton, and the price of palm oil shipped in spot shipment was RM 3010 per ton, FOB price in Malaysian ports.
On Wednesday, Malaysian Derivatives Exchange (BMD) crude palm oil futures closed higher and investors decided that demand for palm oil in Asia will grow. However, the market remains concerned that the euro zone debt crisis will cast a shadow on the global economic growth, further dragging down. Due to product demand, popularity is relatively cautious.
The benchmark August CPO price rose by RM 37, or 1.3 percentage points, to ITS data from the RM 3003/ton shipping survey. Malaysian palm oil exports reached 1,382,091 tons in May, compared to April. The 1,349,642 tons increased by 2.4%; data from the shipping survey agency SGS showed that Malaysian palm oil exports in May decreased by 0.2% from the previous month to 1,333,869 tons.
The main export destinations for palm oil are Pakistan and Middle East countries where Muslims are preparing for preparations for Ramadan beginning in mid-July. Traders expect palm oil exports in June to remain strong.
The Malaysian Palm Oil Board (MPOB) will release Malaysian palm oil inventory data by the end of May next Monday. Industry figures are expected to be 1.8 million tons.
In the spot market, the transaction price of refined palm oil in June was 980 US dollars per ton, and the price of palm oil shipped in spot shipment was RM 3010 per ton, FOB price in Malaysian ports.
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