Mumbai, 30 Sep (Commoditiescontrol): In the month of September, the Malaysian Crude Palm Oil exports exhibited strong buoyancy as per the latest releases from top surveyors Amspec and SGS.
Both surveyors show a similar trend in export during all intervals for the reporting month. The demand ahead of festive season from leading importers - India and China - provided much need boost.
As per Amspec, Malaysia exported 1,319,792 MT of CPO during September as against 1,190,848 MT shipped in August. It may be noted that the export growth of 10.83% achieved on the back of strong demand.
Interestingly, the current trend observed for the first in since May this year, when leading export of CPO - Indonesia had imposed a ban.
The surveyor data tracks export numbers for 10, 15, 20, 25 days and during this time intervals, the exports remained strong for entire month of September.
However, in the coming months, the Malaysian may face difficulty in sustaining exports growth, as Indonesia has decide to reduce reference rate to $792.19 per tone for October 1-15, which will also result in lower exports duty at $33 from $55.
Incidentally, Stocks to Use Ratio, which indicates the level of carryover stock for as a percentage of the total demand or use, currently remains at elevated levels as compared previous five-year average ratio. Unless, there is sizeable drawdown in stocks, prices are unlikely to sustain higher levels.
(By Commoditiescontrol Bureau; +91-22-40015513)
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