Palm Oil Reserves in Malaysia Miss Estimates, Prices Slump
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Palm oil reserves in Malaysia, the second-largest producer, shrank from a record in January as output fell, according to official data. The drop was less than expected and prices slumped the most in more than six weeks.
Inventories contracted 1.9 percent to 2.58 million metric tons from 2.63 million in December, the Malaysian Palm Oil Board said today. That missed the median estimate for a drop to 2.53 million tons, according to a Bloomberg survey, and is 28 percent higher than a year ago. Output fell 10 percent to 1.6 million tons last month, while exports slid 1.6 percent to 1.62 million tons, the board said.