Malaysian palm oil futures were trading near MYR 3,800 per tonne, enjoying its upside momentum for the third consecutive session, supported by gains in rival vegetable oils. Meantime, top palm oil buyer India purchased 1.13 million tonnes of palm oil in August, a 3.9% rise from July to a 9-month high. In China, economic activity strengthened last month, with growth in retail sales and industrial output beating consensus. Meantime, Indonesia set its crude palm oil reference price at $798.83 per ton for the Sept. 16-30 period, which put the export tax and levy unchanged at $33 per ton and $85 per ton, each. On cargo data, exports of Malaysian palm oil products for Sept. 1-10 fell 11.2% mom, surveyor Intertek Testing Services said. Meanwhile, independent inspector AmSpec Agri Malaysia estimated a 20.4% drop. For the week, however, the contract is heading for the 2nd straight fall, rattled by data showing Malaysia’s palm oil inventory rose to a 7-month high at the end of August.
