Malaysian palm oil futures hovered around MYR 3,700 per tonne for the third session in a row, staying near their lowest level in six weeks after touching near MYR 4,000 in early July while heading for a near 4% plunge for the week, amid weakness in rival vegetable oils. Meantime, Malaysia’s end-July palm oil inventories rose to a five-month peak on higher production, data from the country’s palm oil board showed Thursday, but missed forecasts as exports grew faster. Separately, readings from cargo surveyor Intertek Testing Services and independent inspection company AmSpec Agri showed that shipments of Malaysian palm oil products could rise between 5.9% and 17.5% from August 1-10. Limiting the falls were reports that India, the world’s biggest buyer of edible oils, imported 1.09 million metric tonnes of palm oil in July, nearly 60% more than in June and the highest in seven months.
