Malaysian palm oil futures were below MYR 3,700 per ton, approaching their lowest level in three months while pointing to the third straight weekly losses, amid persistent weakness in rival oils which offset support from higher exports. Shipments of palm oil products from Malaysia for September 1-20 rose 2.4% from a month earlier, cargo surveyor Intertek Testing Services said. Another cargo surveyor, Amspec Agri, mentioned that exports grew by 1.8% during the same period. Meantime, inventory data showed that Malaysian palm oil jumped 22.5% mom at the end of August to a 7-month high of 2.12 million tons. Separately, Kuala Lumpur kept its October export tax for palm oil at 8% and slashed its reference price. In top producer Indonesia, the attorney general’s office has launched a corruption investigation into the country’s palm oil fund agency, which oversees the collection and distribution of export levies on the commodity.
