Palm oil futures bottomed around the MYR 3,850-per-tonne mark, moving away from a three-week peak of MYR 4,300-per-tonne as investors refocused again on the bearish outlook for the commodity. Indonesia, the world’s top producer, has removed a levy on vegetable oil exports until August 31st, attempting to clear the current high palm oil stockpiles and boost exports. It also implemented a mandatory 35% palm oil mix in bio-diesel to further absorb domestic supplies. Meanwhile, in July, exports from Malaysia, the world’s second-largest producer, rose by approximately 1% from the same period in June, according to cargo surveyors’ data.
