Malaysia: Palm Oil Updates Is to bottomed below the MYR 4,000-per-tonne mark, a level not seen in a month, pressured by prospects of increasing supplies and weak global demand.
The output in Malaysia is expects to rise sharply overĀ as the country enters the peak production season.
Adding to the bearish outlook, essential buyer China imposed new coronavirus-induced.
Restrictions in the cities of Chengdu and Shenzen, raising concerns over demand for the edible oil.
On top of that, competitive pricing from rival Indonesia is expects to reduce export demand in Malaysia.
Even though top producer Indonesia lowered the threshold on its export levy.
The government extended the waiving levy period until the end of October, signaling.
The need to rid supplies quickly as production picks up in Southeast Asia Palm Oil Updates.
