The Malaysian Crude Palm oil futures witnessed a heavy slide today, extending their recent downfall to test the lowest level since January 2021. A sustained drop in global crude oil prices and escalating worries over the global economic outlook are pulling the commodity lower recently. Malaysias palm oil stocks are expected to edge sharply higher in coming months as exports are likely to be tepid due to Indonesia waiving export levies. Indonesia recently extended its export levy waiver to October 31 and this is bound to affect the Malaysian shipments. The benchmark CPO futures are currently quoting at Malaysian Ringgits (MYR) 3330 per tonne, down around 6.40% on the day. Powered by Commodity Insights
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