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Market Update: Palm Oil at Over 1-Week Low
Malaysian palm oil futures pulled back to a 1-week low below MYR 4,300 per tonne dragged down by prospects of growing supply from the two worlds largest producers Indonesia and Malaysia. Malaysia’s end-August palm oil stocks surged 25% mom to 1.87 million tonnes, its highest in 14 months, according to Malaysian Palm Oil Board data. Production rose 11.8%, while exports plunged 17%, the MPOB said. Top producer Indonesia’s crude palm oil output in July stood at 4.1 million tonnes, up 5.4% from a year ago but down 9.5% from June, GAPKI data showed on Thursday. Cargo surveyors reported that Malaysia’s exports during the first 10 days of September rose between 50% and 57% from the same period in August due to larger shipments to India and China. [/s2If]
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