Malaysia October palm oil inventories at four-year high

Malaysia’s palm oil stockpiles stood at a four-year high at the end of October despite more-than-expected exports, data from the Malaysian Palm Oil Board (MPOB) showed on Friday. Inventories rose 5.84% from September to 2.45 million metric tons, the sixth consecutive month of increases at the world’s second-largest palm oil producer. The last time inventories jumped to this level was in September 2019. Crude palm oil production climbed 5.89% to 1.94 million tons in October, while palm oil exports increased to 1.47 million tons, the data showed. A Reuters survey had forecast inventories at 2.56 million, or growth of 10.82% on the month, and saw production at 1.88 million tons and exports at 1.29 million tons. Stockpiles are expected to peak with end-October inventories, as production could decline in November due to seasonal rains hampering harvests, a Kuala Lumpur-based trader said. “From November, end stocks may start to decline, and this could hold crude palm oil prices from ...