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Malaysia, the world’s second-largest Palm Oil producer after Indonesia, will suspend export taxes on Crude Palm Oil for a three-month period starting on January 8 to boost prices and reduce high stockpiles, the government said. Palm oil inventories in Malaysia had already risen to a near two-year high at end-November, squeezing benchmark prices to a 16-month low in mid-December. The export tax suspension will be lifted before the three-month period if Crude Palm Oil stocks fall to 1.6 million tons, the government said. Official data showed November stocks grew 16% to 2.56 million tons from October on weak exports. Palm shed nearly 20% of its value in 2017, and was last up 0.9 percent at 2,609 ringgit on Friday afternoon. Exports however, which saw a sharp monthly decline in November, are forecast to improve in the coming months as key buyers such as India and Europe replenish supplies and as China stocks up ahead of the Lunar New Year festival.

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