Malaysia to increase palm oil exports

Introduction: the tightening of global soybean oil supply and the decline of domestic edible oil storage in India will prompt Indian buyers to increase their purchase of palm oil from Malaysia and Indonesia, the world's largest palm oil producers, in the remaining months of 2001 Malaysia's benchmark contract price fell 6% from its highest level in recent March, with the market gaining support as Indian buyers imported palm oil at relatively low prices Malaysian traders expect India to import about 325000 tons of palm oil in November, up from about 250000 tons in the normal month Of these, 225000 tons will come from Malaysia and the rest from Indonesia Malaysian palm oil exports totaled 724993 tons in the first 20 days of this month, up 23% from 590441 tons in the same period in October China is expected to import at least 250000 tons of Malaysian palm oil in November Many Malaysian traders believe that palm oil storage stocks could fall to 950000 tons by the end of November, compared with the official estimate of 1.34 million tons by the end of October, due to strong exports At the end of December, Malaysia's palm oil storage will be 1.1 million tons, compared with 1.42 million tons at the end of the same period last year Among refined products, the offer price of RBD palm oil in November is 295 US dollars / ton, 300 US dollars / ton in December, 305 US dollars / ton in January, 310 US dollars / ton in February / March, 305 US dollars / ton in November, 310 US dollars / ton in December, 315 us dollars / ton in January and 320 US dollars / ton in January / February / March In November / December, RBD palm stearin was quoted at US $255 / ton, and in January / February / March, it was quoted at US $257.50/ton In addition, Malaysia increased its quota for the export of duty-free crude palm oil in 2002 from the current 1 million tons to 1.3 million tons in order to increase export opportunities to India and China China will join WTO soon and India will reduce the import tariff of palm oil from 75% to 65%, which is expected to provide new opportunities for Malaysia's palm oil export Kuala Lumpur hopes to boost exports of the same amount by adding a quota of 300000 tons of duty-free crude palm oil (author:) share to feed Weibo share to: