Palm Oil Recovery Seen Delayed as Stockpiles Gain to Record
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Palm oil stockpiles in Malaysia that expanded to an all-time high last month, contrary to analysts’ expectations, may have set back an expected recovery in prices of the most-used cooking oil. Futures fell to a three-week low.
“With inventory continuing its climb, palm oil price recovery is further delayed,” Alvin Tai, an analyst at OSK Investment Bank Bhd., said in a report today after the Malaysian Palm Oil Board published December figures for reserves, output and exports yesterday.