CPO Dropped as Malaysia’s Palm Oil Inventories at the End of August Jumped – Investing.com India

CPO Dropped as Malaysia’s Palm Oil Inventories at the End of August Jumped – Investing.com India

yesterday settled down by -0.43% at 1149.5 as Malaysia's palm oil inventories at the end of August jumped to their highest in over a year as production rebounded amid a steep fall in exports. Palm oil stockpile rose 16.3% from July to 1.74 million tonnes, its highest since June last year. Output in the world's second-biggest palm oil producer rose 11.2% to 1.7 million tonnes, peaking at a 10-month high.  
 
Top producer Indonesia set its crude palm oil reference price higher in September, effectively raising its export tax from $93 per tonne in August to $166 per tonne. Top buyer India's three-month lower import tax rate for crude palm oil, which had made palm more attractive than rival soy and sunflower oil, will end on Sept. 30. Exports of Malaysian palm oil products for August fell 17.8 percent to 1,191,053 tonnes from 1,448,483 tonnes shipped during July, cargo surveyor Societe Generale (PA:) de Surveillance said.  
 
The European Union's palm oil imports in the 2021/22 season that started in July had reached 747,484 million tonnes by Aug. 29, compared with 1.13 million tonnes in the same period last year. In spot market, Crude palm oil gained by 0.6 Rupees to