Malaysian palm oil market
KUALA LUMPUR (April 11 2003) : Cargo surveyor SGS said Malaysian palm oilexports for April 1-10 stood at 314,145 tonnes, down from 355,514 forMarch 1-10 and below market expectations of between 360,000 and 375,000tonnes.
But in the freight market brokers said freight rates from main palm oilproducers Malaysia and Indonesia to key consumers such as India, Pakistanand China were mostly higher because of steady demand for the edible oil.
Shipment bookings to India, the world's largest edible oil consumer, hadreached up to 450,000 tonnes for April this week compared with 370,000tonnes last week, said brokers.
Pakistan had so far booked 130,000 tonnes of palm oil, up from 90,000tonnes last week.
They said Malaysia's palm oil exports could pick up in the second half ofApril because European buyers were likely to return to the market to stockup.
In physical trade of crude palm oil (CPO), the April contract was offeredat 1,490 ringgit a tonne against bids of 1,480 ringgit for southernregion.
Deals were done at 1,480 to 1,490 ringgit.
April CPO for central region was on offer at 1,485 ringgit against bids of1,480 ringgit.
Business was reported at 1,480 to 1,485 ringgit.
May CPO for south was offered at 1,480 ringgit a tonne against bids of1,470 ringgit. Business was done at 1,480 ringgit.
May CPO for central was offered at 1,475 ringgit a tonne against bids of1,465 ringgit. No deals were reported.
PALM OIL PHYSICALS:
April (south): 1490 ringgit
Previous close: 1475 ringgit -Reuters
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