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Increases in Malaysian exports in October and easing of Covid zero in China support prices.
December and January palm oil contracts on the Malaysian Derivatives Exchange (MDEX) ended this Monday's session (5) with a slight increase of 3.75 points and 0.42%, quoted at US$ 894.50 and US$ 900 .00 per ton, respectively.
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Supporting prices was information that Malaysia, the second largest global producer of palm oil, increased exports of the commodity by 5.66% in October, to 1.504 million tonnes, according to the Malaysian Palm Oil Board (MPOB, in the English acronym). Imports fell by almost 50% in the period.
The news that some cities in China have relaxed measures in relation to the zero covid policy established in the country also provided support. Reuters said that the local government's announcement on new protocols to deal with the disease is scheduled for Wednesday (7).
Source: datagro
