Palm oil stocks hit new record
The Star Local palm oil stocks hit a new record at 2.63 million tonnes at end-December 2012, contrary to market expectation that stocks would be reduced following Malaysia's decision to lower its crude palm oil export duty regime to between 4.5% and 8.5% from 23% previously.
As per reports and information,Palm oil dropped for the first time in four days on concern supplies of edible oils will increase in the second half, helping stockpiles rise from a 10-month low.Futures for September delivery lost as much as 0.4 percent to 2,330 ringgit a metric ton on the Malaysia Derivatives Exchange and paused at 2,338 ringgit at the midday break.