KUALA LUMPUR (Commodity Online): With rising demand from India and China, Malaysia's palm oil exports is likely to touch a record 19.8 million metric tons during 2011-12, according to Malaysian Palm Oil Council.
Meanwhile, according to the council, palm oil stock pile of Malaysia is decreasing which may raise the price of the commodity. Prices may advance 3.9% to 3,300 ringgit ($1,089) per ton in 2012.
Global palm oil production is estimated at 50 million tonnes at 2011-12, up 6.35 per cent from 47.26 million tonnes in 2010-11. Consumption is estimated to be 49.80 million tonnes, up 5.46 per cent from 47.22 million tonnes in 2010-11.
India is the world's largest edible oil importer, sources more than half of its requirements of palm oil from Indonesia and Malaysia, and soyoil from Argentina and Brazil.
Malaysia is the second largest exporter of palm oil in the world.
In India's Multi Commodity Exchange (MCX), Crude palm oil for February delivery traded at Rs 526.20 on 16th February.
