Reduced growth in palm oil production in Malaysia contributes to rising prices

Data from the Malaysian Palm Oil Board (MPOB) shows that Malaysian palm oil production increased by just 3.2% from November 1 to 20, compared to the previous month’s 7%-10% growth, significantly slowing the pace of year-on-year production growth and leading to a recovery in palm oil prices, according to SunSirs, a Chinese national commodity market research portal. The data was significantly below market expectations, and the slower pace of supply growth eased concerns about a supply glut and contributed to a price reversal. Earlier, Malaysian palm oil inventories reached a record 2.46 million tonnes in October, the largest since April 2019 and 31% higher than ...