Palm oil gains on unexpected jump in exports

Palm oil gained as exports from Malaysia, the second-biggest producer, jumped on rising demand ahead of a festival in India, the largest buyer. The December delivery contract closed 0.8 per cent higher at 2,793 ringgit (Dh3,282) a metric tonne on the Malaysia Derivatives Exchange. Futures climbed as much as 1.7 per cent to 2,818 ringgit, the biggest gain for the most active contract in intraday trading since September 7. It lost 4.6 per cent last week. Malaysia's palm oil exports climbed 31.8 per cent to 496,918 tonnes in the first ten days of October from the same period in September, surveyor Intertek said yesterday. Exports advanced 25.1 per cent to 486,882 tonnes, Societe Generale de Surveillance said. "The export figures were above expectations," Ryan Long, vice president of futures and options at OSK Holdings Bhd., said by phone from Kuala Lumpur. "We were expecting exports to be unchanged from a month ago."