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KARACHI, Jan 8: Palm oil prices in remained firm during the past week on buoyant local demand, with traders looking to boost stocks on reports of falling palm oil reserves in Malaysia, dealers said on Tuesday.
They added that a traditional drop in Malaysian palm oil output in January and February combined with higher than normal exports had prompted some major players to take strong forward positions.
“Reports from Malaysia suggest that palm oil stocks have dropped by 16 per cent, while exports also showed a sizable increase in December... These factors will support the current bullish trend,” said Saulat Khan, a palm oil dealer.—Reuters
