Palm Stockpiles Dropping to Nine-Month Low May Boost Prices
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Palm oil inventories in Malaysia, the world’s second-largest producer, probably declined in April to the lowest level in nine months as exports held above production, boosting optimism that prices will rebound.
Reserves decreased 5.1 percent to 2.06 million metric tons, the least since July, from 2.17 million tons in March, the median of estimates from three plantation companies and four analysts showed in a Bloomberg survey. While exports fell 6.5 percent to 1.44 million tons, they were higher than output that gained 5.3 percent to 1.4 million tons, according to the survey. Official data are due for release on May 10.