Malaysian palm oil futures soared more than 6% to above $4,465 per tonne, not far from a record high of $4,506 hit on May 12th buoyed by stockpiling activities in importing countries, such as key buyer China, as arriving shipments face quarantine measures due to COVID-19. End-July palm oil stockpiles in Malaysia fell 7.3% from a month earlier to 1.5 million tonnes, according to Malaysian Palm Oil Board. Output fell 5.17% to 1.52 million tonnes, while exports slipped 0.75% to 1.41 million tonnes. Harvesting has been affected by labor shortage as oil palm estates dependent on foreign workers struggle with a shortage of manpower amid Covid-19.
