Palm oil Futures on KLCE traded on a negative note Tuesday on a strong Ringgit coupled with rising inventories during the seasonally higher yield period and mounting stockpiles and settled 0.53% lower.
According to Malaysian Palm oil Board, exports increased 10.7% in May against April, while palm oil output jumped 6.5% and the end stocks increased 4.2%.
Exports of Malaysian palm oil products in June increased 5.8% to 1,391,942 tonnes from 1,315,952 tonnes shipped in May. Malaysia has cut export tax for July to 5% from 5.5% while Indonesia has cut export tax to 10.5% from 12%. India's crude palm oil imports increased 43.22% in May to 547,151 tn from 382,034 tn last year.
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