Malaysia palm oil future priced inched up on weak Malaysian currency and on the expectation of improved export number for full of August. Malaysia will be closed today on accounts of National holiday.
Malaysia full month palm oil export increased by 4 per cent. According to Amspec Aug export was 1,072,524 compared to 1,030,909 MT July exports.
Indonesia resumed shipments of biodiesel to Europe after European Union in March removed duties on biodiesel imports for 13 Indonesian and Argentine producers.
Overall fundamentals are still the same for the palm but recently developed export demand and Indonesia’s biodiesel mandate to curb high palm inventory and increased unblended biodiesel export supporting the market. Along with this the depreciating Malaysian Ringgit further endorsed the palm oil prices in the last session and in the week.