Palm Oil Ease Today As Weak Export Demand By Malaysia

 Malaysian Palm Oil: futures tumbled below the MYR 6,500-per-tonne level and were heading for their worst week since early March as signs of rising inventories and weak export demand from Malaysia prompted some profit-taking after a massive rally that drove prices to a record closing level in late April.

Cargo surveyors’ data showed that Malaysia’s palm oil inventories likely rose to their highest since January at the end of April, with production expected to grow 4.9% to a five-month high of 1.48 million tonnes, while exports likely fell 5.6% to 1.2 million tonnes.

Still, shipments from the world’s second-largest producer are expected to skyrocket after top producer Indonesia banned exports last month to stabilize domestic prices