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by Malaysia palm oil is cheaper now, under 3,780 MYR for each ton. This price drop happened just before the New Year. Other similar oils also got cheaper and the Malaysian money, the ringgit, got stronger.
In December, palm oil’s price went down by more than 3.5%. For the whole year, it’s down by around 10%. People are worried because not as much palm oil is being sold abroad. From December 1 to 25, there were fewer palm oil sales than the month before, maybe 4% to 16% less.
This info comes from two companies, Intertek Testing Services and AmSpec Agri Malaysia. There’s also news from Kuala Lumpur. They might keep the tax the same on palm oil sold to other countries in January, but the base price might go up. Prices didn’t fall too much because people are worried about the weather in January. Some places in Malaysia might have floods. Lastly, at the end of November, Malaysia had less palm oil stored than before, after having more for six months.
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