Palm oil Oct Futures on KLCE traded on a negative to bearish note last week on rising inventories during the seasonally higher yield period, mounting stockpiles and weak exports and settled 0.5% lower.
According to Malaysian Palm oil Board, exports increased 5.28% in June against May, while palm oil output declined 5.26% and the end stocks declined 10.03%.Exports of Malaysian palm oil products between Aug 1-15 declined 15.2% to 570,761 tonnes from 673,463 tonnes shipped between July 1-15. Malaysia as well as Indonesia has kept export tax for August unchanged from July at 5% and 10.5% respectively.
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