Malaysian palm oil stockpiles likely grew in July for the first time in three months as production gains outpaced export demand, a Reuters poll showed.
A rise in both inventories and output could pressure benchmark prices for the commodity, used to churn out everything from cooking oil to shampoo. Palm prices have slid nearly 2% so far this week.
“Production came in higher as harvesters returned to the fields in July after the long Raya break in the previous month,” said a manager at a Malaysian plantation company.
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