10/07/2010 (IIFL) - The upward bias in the Malaysian Palm oil exports extended in the current month with the country's palm shipments during the July 1-10 period estimated up 9% on month at 474,928 metric tons, according to the independent cargo surveyor Intertek Agri Services.

The estimate is better than market expectations for near 7% rise in shipments. Markets have got accustomed to rising exports and production from Malaysia after a lean patch in both in the first few months of the year. The Malaysian Palm Oil Board has stated that for the month of May, crude palm oil output rose 6% on month to 1.39 million metric tons while the CPO exports rose 6% to 1.36 million tons.

However, the palm oil inventories totaled 1.56 million tons at the end of May, down 3.7% from 1.62 million tons in April.