Malaysia's end-October palm oil stocks seen at 3.5-year high on rise in output

Published 2022년 11월 5일

Tridge summary

Malaysia's palm oil inventories are expected to reach their highest in nearly three and a half years in October, with a 9.3% increase to 2.53 million tonnes due to improved production and decreased imports. Production is projected to rise 3% to 1.82 million tonnes during the peak harvest season, but is expected to decline in November and December due to monsoon rains. Exports also rose 4.5% to 1.48 million tonnes, largely due to strong shipments to China, while imports fell 11.2%. The global outlook for palm oil remains uncertain due to factors such as strict pandemic policies in China, high energy prices, and a slowdown in output.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

KUALA LUMPUR (Nov 5): Malaysia's palm oil inventories at end-October likely swelled to their highest in three and a half years as production improved while imports slumped, a Reuters survey showed on Friday (Nov 4). Stockpiles were pegged to rise 9.3% from September to 2.53 million tonnes, its largest since April 2019, according to the median estimate of eight traders and analysts polled by Reuters. Production is seen expanding 3% to 1.82 million tonnes amid the peak harvest season. It rose for a fifth consecutive month to its highest since September 2020, but is likely to decline in November and December as year-end monsoon rains in the world's second largest producer are expected to disrupt harvesting activities. Exports rose 4.5% to 1.48 million tonnes, while imports declined 11.2%. Cargo surveyor Societe Generale de Surveillance reported a stronger rise in exports due to strong shipments to China, said Sathia Varqa, co-founder of Singapore-based Palm Oil Analytics. The global ...

Source: Theedgemarkets