Crude palm oil dropped ahead of official data release from the Malaysian Palm Oil Board this week, as the market expects bearish numbers due to weak demand.
India imposed a 7.5% import duty on palm stearin in an attempt to boost local refining, but did not amend tariff rates for other soft oils, including palmolein.
Palm oil inventories in Malaysia likely dropped to their lowest in nearly a year in June as exports and domestic consumption outpaced production.
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