KUALA LUMPUR (June 11 2003) : Some traders believed Malaysia's palm oilexports for the whole of June could fall to 800,000 tonnes, from 1.08million tonnes in May, because main buyers like India and China are wellcovered.
But others said demand for the edible oil remained steady and that tightdomestic supply in Malaysia were supporting palm oil prices.
"Stocks are tight but I think it's ridiculous to say that exports may fallto 800,000 tonnes in June.
I believe palm oil is in good demand because it's much cheaper thansoyaoil," said one trader, referring to palm oil's direct competitor.
"I am sure we will manage to export one million tonnes of palm oil thismonth," he added.
In the physical sector, the June crude palm oil contract for the southernand central regions saw offers at 1,530 ringgit a tonne against bids at1,520 ringgit.
Deals were reported at 1,520 ringgit a tonne for south and at 1,515 to1,520 ringgit a tonne for central. July CPO for southern region wasoffered at 1,510 ringgit a tonne against bids of 1,490 ringgit.
There were deals at 1,485 to 1,490 ringlets a tonne. July CPO for centralregion was offered at 1,500 ringgit a tonne against bids of 1,490 ringgit.Deals were done at 1,490 ringgit.