Palm oil Futures on KLCE recovered from lower levels on Wednesday on short coverings and settled 1.67% higher. Prices have declined over the last few days on lower than expected exports and increased inventories. There are expectations of improvement in demand ahead of Ramadan.
According to Malaysian Palm oil Board, exports increased 1.18% in April against March, while palm oil output jumped 3.92% and the end stocks increased 4.6%.
Exports of Malaysian palm oil products in May increased 7.8% to 1,315,952 tonnes from 1,220,882 tonnes shipped in April. Malaysia has set the export tax for Palm oil for May at 5.5%, unchanged as against 5.5% in April. Indonesia has kept export tax for Palm oil for June at 12% unchanged as against May.
India's crude palm oil imports increased 87.24% in March to 438,122 tn from 233,987 tn last year.
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