Palm oil slumps over 8% to near one year low, These consumer rise

Malaysian palm oil futures plunged more than 8% on Wednesday to a near one-year low, hit by anticipation of rising supplies amid a sell-off in crude and Dalian oils driven by recession fears. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange fell 348 ringgit, or 8.34% to 3,426 ringgit ($774.76) a tonne by 0307 GMT.

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