Palm oil little changed as forecast of strong supply weighs
Malaysian palm oil futures were virtually unchanged on Wednesday, weighed by forecasts of growing May inventories and production. The benchmark palm oil contract FCPOc3 for August delivery on the Bursa Malaysia Derivatives Exchange rose 2 ringgit, or 0.06%, to 3,318 ringgit ($722.09) a tonne. The contract had earlier rose 1.75% to an intraday high but retreated as traders covered short positions. “Production and stock recovery have cast pressure on the palm market. Output is on course to rise through Q3 on the back of seasonality and easing labour shortages,” Refinitiv ...
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