Malaysian palm oil futures were trading below MYR 3,700 per tonne, continuing its downward momentum for the seventh session while pointing to their lowest level in almost a month, amid lingering caution after official data showed an increase in inventories and a fall in exports. Malaysia’s palm oil stocks at the end of August rose 22.5% from the prior month to 2.12 million tons, the highest in seven months, data from the Malaysian Palm Oil Board showed. Meantime, palm oil exports fell to 1.22 million tons, while production increased by 8.9% to 1.75 million tons. Separately, cargo data from Intertek Testing Services indicated that exports of Malaysian palm oil products for Sept 1-10 fell 11.2% to 350,823 tons. Still, strong orders from India ahead of a festive season limited the sliding impulse. In China, signs of economic stabilization grew amid easing deflationary pressure, strong credit data for August, and efforts from the central bank to defend the weak yuan.
