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Brief Summary of Malaysian Palm Oil Council Report

8 Jun 2024 11:43 am
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Mumbai, June 08 (Commoditiescontrol): 1. Malaysian Palm Oil Exports: Despite geopolitical tensions and increased shipping costs, exports grew in Q1 2024.

Top Importers: Africa became the largest importer, with significant increases in Kenya and Egypt.

2. Decline in Asia Pacific Exports: Exports to China dropped by 27.5% due to high prices. Minimal decrease (1.2%) despite India’s overall reduction in palm oil imports.

3. Export Data Overview: EU27, India, and China. EU27 imports increased by 3.3% due to restocking.

4. Africa’s Market Dynamics: Growth expected in Kenya, Egypt, Djibouti, and Tanzania due to economic improvements and refining capacity.

5. EU Market Insights : EU is crucial, holding 56% market share. Environmental alignment with EU policies is necessary. Malaysian palm oil accounts for 22% of Europe’s imports.

6. Shifts in Global Markets: Increased exports to the EU, with notable growth from Gabon and Ivory Coast.

7.Production and Price Outlook: Expected to range between RM3,650 (USD767) and RM3,900 (USD819). Influenced by a decline in Indonesian exports, bearish soybean oil trends, and increasing U.S. soybean oil stocks. Expected to stay below 2 million tonnes in Q2 2024, rising from August to October.

8. Market Dynamics: Expected to be subdued in May, favorable for imports in India and China.

USD1 = RM 4.76 affects pricing.

9. Sustainability and Biodiesel: Promoted as a sustainable fuel with lower emissions and no engine modifications needed. (By Commoditiescontrol Bureau; +91-9820130172)

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