Malaysian palm oil futures tumbled more than 5% to an over 1-week low of RM4,138 per tonne at the start of August, after touching a near record level of RM4,500 last week, dragged down by disappointing July exports. Exports of Malaysian palm oil products for July fell between 5.0% and 7.7% from June, cargo surveyors said on Saturday. Traders now await Malaysia’s July production numbers to assess the end-month stockpile. Harvesting has been affected by labor shortage as oil palm estates dependent on foreign workers struggle with a shortage of manpower amid Covid-19.
