(The Insider Stories) – Malaysian palm oil futures ended higher on Monday, after data showed exports rose in the first 15 days of the month as buyers stocked up ahead of the Muslim holy month of Ramadan. Market participants fear the U.S. central bank could announce moves to curb its stimulus programme, denting global growth and commodity demand.

Shipments of Malaysian palm oil products from June 1 to 15 jumped 18.5 percent from a month ago, cargo surveyor Intertek Testing Services (ITS). Societe Generale de Surveillance (SGS) pegged the rise in shipments at 15.7 percent for the same period.

The spike in exports reflect higher purchases by India and Pakistan ahead of Ramadan in July, when communal feasting typically drives up consumption of the edible oil.

The benchmark September contract on the Bursa Malaysia Derivatives Exchange gained 0.9 percent to close at 2,459 ringgit per tonne, after trading in a range between 2,439 and 2,467 ringgit kept investors on the sidelines.

Malaysia, the world’s No.2 palm oil producer, will set its crude palm oil export tax for July at 4.5 percent, unchanged since March, a government circular showed.

In other markets, Brent crude steadied above $106 per barrel as a superpower standoff over the Syrian civil war intensified, raising the risk of conflict spilling into the Middle East oil producing region. In vegetable oil markets, U.S. soyoil for July gained 0.4 percent in late Asian trading.

Otherwise, India’s PEC Ltd issued a tender to import 12,000 tonnes of refined, bleached and deodorised palmolein  from Indonesia or Malaysia for shipment between June 25 and July 31.