Interband Group of Companies senior palm oil trader Jim Teh said the stock has remain high in Malaysia and also in Indonesia as the demand is low from other countries.
Cargo surveyor Amspec Malaysia said exports in the June 1 to 15 period fell 6.2 per cent to 652,770 tonnes from 695,764 tonnes in the same period last month. Meanwhile, in a circular posted on the Malaysia Palm Oil Board's website today, Malaysia has for the seventh straight month maintained the export tax for CPO at eight per cent for July 2021 after the market price surpassed RM3,450 per tonne.
For the week just ended, the market closed mostly lower, tracking the weakness on soybean oil in the Chicago Board of Trade and Dalian Commodity Exchange.
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