Palm oil futures rose to the highest in more than eight years on concern that supply may lag behind demand following estimates of higher-than-expected exports from Malaysia, the world's largest producer of the commodity. | |
| Malaysia palm oil exported in the first half of April rose 29 per cent, according to estimates by independent cargo surveyor Societe Generale de Surveillance. |
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| A total of 642,492 tonne of bulk palm oil shipments through Malaysian sea ports were tracked, compared with 496,977 tonne of palm oil in the same period last month, SGS said. |
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| Palm oil for June delivery, the most active contract, rose as much as 88 ringgit, or 4 per cent, to 2,307 ringgit ($671) a tonne on the Malaysia Derivatives Exchange. That's the highest since December 1, 1998, when it touched 2,311 ringgit. |
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| Lower import taxes by India, the world's second-largest vegetable oil buyer, may also bolster the palm oil prices in Malaysia and soybean oil in Chicago. |
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| Last week, India reduced the import duty on edible oils for the third time this year to boost supplies and slow inflation. |
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