Malaysian palm oil futures rose above MYR 3,930 per tonne, approaching a nearly 4-month high of 4,000 hit on July 3rd due to lower stocks and higher exports in July. Domestic June inventories rose by only 1.9% from the month before to a 4-month high of 1.72 million metric tons, much smaller than a 10.5% jump expected as production declined and exports jumped. Palm oil production decreased by 4.6% to 1.45 million tons, while exports exceeded estimates with an 8.6% increase to 1.17 million tons. On top of that, from July 1-10 exports rose between 18.7% and 26.1%, according to cargo surveyors Amspec Agri and Intertek Testing Services.
