Gains in soy, robust exports lift palm to 1-month high

KUALA LUMPUR, Sept 15 (Reuters): Malaysian palm oil futures rose to a one-month high on Monday, lifted by gains in U.S. and China soyoil markets and a surge in exports of the tropical oil in the first half of the month.
Overseas shipments of Malaysian palm oil between Sept. 1 and Sept. 15 rose 32 per cent to 750,425 tonnes compared with the same period a month ago, data from cargo surveyor Intertek Testing Services showed.
Demand for crude palm oil more then doubled, while imports for palm oil products from Europe and India surged, the data showed. The strong recovery comes after Malaysia removed export taxes for the crude grade for September and October. Another cargo surveyor Societe Generale de Surveillance reported that exports for the same period rose 34 per cent.
"The palm market pulled up today on the back of the U.S.  soybean oil which was sharply up over a hundred points on Friday, and also the Dalian which went up further this morning," said a trader with a foreign commodities brokerage.