Malaysian palm oil futures were above MYR 3,920 per tonne, holding near the one-month high of MYR 3,962 touched on August 25th, supported by a weak ringgit and strength in prices of rival vegetable oils and biofuel feedstock. Still, the latest data showed shy demand for Malaysian exports. Cargo surveyors AmSpec and Intertek Testing Services said Malaysia’s palm oil exports for August 1-25 were 4.3% and 7.8% lower on month, respectively. Traders also took a cautious stance ahead of PMIs data for August in China this week, with worries building that readings may stay weak and remain in contraction territory. In Indonesia, palm oil exports, including refined products, in June stood at 3.45 million tons, while the stock by the end of June was at 3.69 million tons, according to industry data.
