KUALA LAMPUR: Palm oil is rebounding from a market after Malaysia, the second-biggest grower, cut export taxes to diminish record stockpiles. Inventories will drop 16% to 2.2 million tonne by March, the most since 2010, after tariffs were reduced to zero this month, according to the median of six analyst and trader estimates compiled by Bloomberg. Futures will rally 14% to 2,800 ringgit ($921) a tonne in Kuala Lumpur by the end of this quarter, the median of 13 estimates shows.
The most-consumed cooking oil rose 11% since hitting a three-year low in December on prospects for more exports and as trees, which are harvested throughout the year, start their lowest-yielding quarter... Read The Full Article Here
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