Palm Oil News
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Palm oil headed for a second weekly advance on speculation that exports from Malaysia, the world’s second-largest producer, may rebound and trim stockpiles.
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Palm oil advanced for the first time in four days on speculation that demand for the world’s most consumed vegetable oil may increase ahead of the Muslim fasting month of Ramadan.
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Palm oil tumbled the most in almost two weeks on speculation that exports may decline from Malaysia after the world’s second-largest producer left a tax on shipments unchanged for a fourth month.
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Malaysia left the tax on crude palm oil exports unchanged for a fourth month in June as the world’s second-largest producer seeks to increase shipments and trim inventories amid a decline in prices. Futures fell.
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Palm oil inventories in Indonesia, the world’s largest producer, probably tumbled in April to the lowest level in six months as domestic consumption increased for food and biofuel.
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Cooking oil imports by India, the world’s second-biggest buyer, declined in April for the first time in five months on ample stockpiles and as consumption decreased because of the summer heat.
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Palm oil dropped for a second day on speculation that declining exports and rising output may boost stockpiles in Malaysia, the world’s second-largest producer.
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IOI Corp., Malaysia’s second-biggest palm oil producer by market value, said it plans to spin off its property assets for a separate listing to boost its profile and unlock shareholder value.
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Malaysia’s growth probably exceeded 5 percent for a seventh straight quarter, the longest stretch since the depth of the global financial crisis in 2008, with a pick-up in investment poised to add further momentum.
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Indonesia kept interest rates unchanged for a 15th consecutive meeting as the threat of inflation from planned fuel-price increases outweighs the risk of slowing growth.
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