| Date: |
13-08-2012 |
| Subject: |
Palm Oil Exports To Recover 22 Per Cent This Month, Says HwangDBS |
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KUALA LUMPUR, Aug 13 (Bernama) -- HwangDBS Research expects palm oil exports this month to recover 22 per cent month-on-month to 1.664 million tonnes to replenish the stock ahead of the Hari Raya Aidilfitri festive season.
"As the global soybean export availability eases and reserves are depleted, we expect China's palm oil demand to return in the fourth quarter," it said in a research note.
At end-July, palm oil inventory jumped 18 per cent month-on-month to 1.999 million tonnes, as exports fell 15 per cent to 1.297 million tonnes.
"Combined shipment to China and India dwindled by 229,000 tonnes, representing the bulk of the aggregate drop.
"We believe the decline in shipment to India is temporary due to higher crude oil prices in early July," the research house said.
Source : bernama.com
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