Malaysian Palm Oil Hovers around MYR 3,780

Malaysian palm oil futures traded around MYR 3,780 per tonne, extending gains from the prior session amid strength in rival edible oils. Prospects of lower production because of dry weather and declining inventories also lifted sentiment. Malaysia's palm oil stocks at the end of November fell after growing in the prior 6 months. Capping the bullish traction was a lack of market participants and a low volume of trade in the wake of a holiday weekend. Meantime, exports of Malaysian palm oil products during Dec. 1-25 were estimated to fall between 4% and 16% from the prior month, according to data from surveyors Intertek Testing Services and AmSpec Agri. Traders continued to digest a move from Kuala Lumpur to keep January export tax for palm oil at 8% but raise its reference price. In top exporter Indonesia, 3.0 million metric tons of palm oil products were shipped in October, tumbling 31% from a year ago but rising 11.4% from the prior month, data from an industry association showed.

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