Malaysia palm oil reserves seen at six-year high as exports slump

April 2019 and an increase of 47 per cent from a year ago. Palm oil reserves have been expanding since March and high stockpiles could pressure prices of the tropical oil. Futures briefly dropped below RM4,000 a tonne in November as demand from top importer India eased with the end of the festival season. Crude palm oil production in Malaysia, the world’s second-largest grower, eased 2.9 per cent to two million tonnes, after jumping 11 per cent in October, according to the survey. “Peak production months are over and we are entering into the lower production months, but demand has been rather lethargic,” said Paramalingam Supramaniam, a director at brokerage Pelindung Bestari. Market participants are looking for confirmation on the size of Malaysian stockpiles, and anything above 2.6 million tonnes would be considered bearish, he said. More from the survey: For almost 30 years of expertise in the agri markets, UkrAgroConsult has accumulated an extensive database, which became the ...