Malaysian palm oil futures were hovering around MYR 3,600 after rallying to their highest level in six weeks of MYR 3,780 in mid-June, as weak exports outweighed a declining ringgit and lower output estimates. Exports of palm oil products from Malaysia for June 1-20 fell 16.8% from the same period in May, according to cargo surveyor Intertek Testing Services. Another cargo surveyor, AmSpec Agri Malaysia said exports dropped 12.9%. Meantime, the Southern Peninsula Palm Oil Millers’ Association estimated June 1-15 production in some parts of Malaysia will fall 4.6% from the month before amid hot and dry weather.
