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Malaysia's May Palm Oil Inventories Rise at Faster Pace Than Expected

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Malaysia's palm oil inventories rose 5.2% in May to 2.43 million tons from 2.31 million tons a month earlier, according to preliminary data released by the Malaysian Palm Oil Board on Wednesday.

The stockpiles rose at a faster pace than the 2.2% rise forecast in a Bloomberg survey.

Palm oil exports during the month fell 14.5% to 1.11 million tons when compared to April.

Meanwhile, crude palm oil production stood at 1.52 million tons, down 7% from 1.63 million tons in April and higher than the 4.9% decline estimated by analysts.

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