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KUALA LUMPUR, Aug 18 - Malaysian palm oil futuresslumped more than 2% on Wednesday, hitting a one-week low, onanticipation of an increase in production and bleak demandoutlook.
The benchmark palm oil contract for Novemberdelivery on the Bursa Malaysia Derivatives Exchange slid 120ringgit, or 2.72%, to 4,288 ringgit ($1,012.16) a tonne duringearly trade, after rallying to a record high last week.
* The market is hopeful for a rise in Malaysia's palm oilproduction amid the seasonal peak production season. TheSouthern Peninsula Palm Oil Millers' Association earlier thisweek forecast a 10.6% rise in August 1-15 production, accordingto traders.
* Export shipments during the first half of August plungedbetween 15% and 24% from the month before, cargo surveyors datashowed on Monday.
* Dalian's most-active soyoil contract fell 2%,while its palm oil contract eased 3.7%. Soyoil priceson the Chicago Board of Trade were down 0.6%.
* Palm oil is affected by price movements in related oils asthey compete for a share in the global vegetable oils market.
* Palm oil may fall to 4,261 ringgit per tonne, as suggestedby a triple-top, Reuters technical analyst Wang Tao said.
* Asian shares held near year-to-date lows on Wednesday asovernight declines on Wall Street reinforced worries about theeconomic impact of the Delta coronavirus variant sweepingthrough the region.
0130 Australia Wage Price Index QQ, YY Q2
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the minutes from its July 27-28, 2021 policy meeting($1 = 4.2365 ringgit) REUTERS