Malaysia’s palm oil stocks rise to highest in nearly two years

Malaysia’s palm oil stocks rose for a fifth consecutive month in July to their highest level in almost two years as production growth outpaced exports, data from the industry regulator showed on Monday. The rise in inventory in the world’s second-biggest producer of the tropical oil could weigh on benchmark Malaysian futures FCPO1!, which were trading near their highest in nearly four months. Palm oil inventories at the end of July rose 4.02% over the month to 2.11 million metric tons, the highest since December 2023, data from the Malaysian Palm Oil Board (MPOB) showed. Crude palm oil production was up 7.09% in July from June to 1.81 million tons, the highest since September last year, while palm oil exports increased by 3.82% to 1.31 million tons after a large fall in June, the MPOB said. A Reuters survey had forecast Malaysian inventory at 2.25 million tons, with output seen at 1.83 million tons and exports at 1.3 million tons. Malaysia’s palm oil stocks rose for a fifth ...