Malaysian palm oil futures climbed around 2% to above MYR 3,900 per tonne, trading higher for the third session in a row after falling below MYR 3,700 earlier in the week, supported by a weakening ringgit and solid exports. Cargo surveyor Intertek Testing Services said that shipments from Malaysia during Aug. 1-15 rose 18.9% from the same period in July. Meantime, data from Amspec Agri mentioned that exports jumped 24.2%. Additionally, India’s palm oil imports in July jumped 59% from the previous month to 1.08 million metric tons, the highest in seven months, as refiners took advantage of lower prices to increase buying. In China, Premier Li Qiang said that the country would work to achieve its economic targets for this year, adding that Beijing is seeking to expand domestic demand and boost consumption. Meantime, top producer Indonesia has set its crude palm oil reference price lower at $820.35 per ton for August 16-31 while keeping tax and levy unchanged.
