Palm Oil extends gains on slowing production growth, better exports
Commodity Online | March 21 2019
UPDATED 16:38:47 IST

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Malaysian palm oil prices extended gains on Thursday buoyed by expectations of slowing production growth and improved exports.

The benchmark third-month palm oil contract on the Bursa Malaysia Derivatives Exchange was up 0.8 percent at 2,182 ringgit ($537.70) a tonne at the midday break, its highest since March 4. It was headed for a fifth straight sessions of gains.

A bumper harvest last year in Malaysia and Indonesia, the world's major producers, had flushed the market with palm oil and dampened prices.

Stockpile concerns were further fanned, after the European Union announced plans to phase out use of palm oil in renewable transport fuel by 2030.

Exports of Malaysian palm oil products for March 1-20 rose 0.8% to 925,431 tonnes, from 918,047 tonnes shipped during Feb 1-20, cargo surveyor Societe Generale de Surveillance said.

Independent inspection company AmSpec Agri Malaysia however reported a 2.3% fall in exports for the same period.

 

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