Malaysian palm oil futures extended gains on Thursday evening, supported by strength in soyoil markets, favourable export numbers and end of year production concerns
PETALING JAYA: The alarming rise in the palm oil stockpile and higher production will likely exert downward pressure on crude palm oil (CPO) prices in the near term, according to analysts.
The Malaysian Palm Oil Board’s latest statistics revealed that the palm oil inventory for end-October jumped to its highest level in 21 months at 2.19 million tonnes, while the CPO output surpassed two million tonnes – the highest level in two years.
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