Palm oil shipments by Indonesia, the world’s largest producer, probably advanced to the highest level in nine months in November as rising prices prompted exporters to boost supplies. Futures gained.
Sales of palm and kernel oils rose 2.2 percent to 1.9 million tonnes from October, the median of estimates from five planters, traders and refiners compiled by Bloomberg showed. That’s the highest since February, data from the Indonesian Palm Oil Association show. Production remained at 2.4 million tonnes for a third month, according to four respondents. That brought output to 24.25 million tonnes in the first 11 months.
Shippers of the world’s most consumed cooking oil are seeking to increase overseas sales after futures reached a 14-month high in Kuala Lumpur in November. Prices are heading for the first annual gain in three years on speculation Indonesian output will decline for the first time since 1998. Production may drop 500,000 tonnes to 27.5 million tonnes, Dorab Mistry, director at Godrej International Ltd., said Nov. 29.