Mumbai, May 15, (CommoditiesControl): Malaysia's palm oil exports for the first half of May have experienced a significant decline compared to the same period in April, according to cargo surveyor Amspec Agri. The estimated exports for May 1-15 stand at 574,760 metric tons, marking a notable decrease from the 697,449 metric tons shipped during April 1-15. This figure includes the 362,790 metric tons exported in the first ten days of May, indicating a slower pace of shipments in the latter half of the period.
This decline comes amidst a broader trend of softening demand for palm oil, attributed to factors such as weaker crude oil futures and a stronger ringgit. Weaker crude oil prices reduce the attractiveness of palm oil as a biodiesel feedstock, while a stronger ringgit makes it more expensive for foreign buyers.
While the exact reasons behind the sharp decline in May's early exports are not fully detailed in the report, it is likely a continuation of the broader market trends. Further data from other cargo surveyors, such as Intertek Testing Services, is expected to provide a more comprehensive picture of the situation.
The palm oil market is closely watched by global markets due to its widespread use in various food and industrial products. The decline in exports from Malaysia, a major palm oil producer, could have implications for global supply and prices.
Market participants will be closely monitoring further data and developments to gauge the extent of the decline and its potential impact on the global palm oil market.
(By Commoditiescontrol Bureau; +91-9820130172)
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