Malaysia’s palm oil stocks fall more than expected to six-month low

Published 2024년 2월 13일

Tridge summary

Malaysia's palm oil stocks have dropped to a six-month low at the end of January, with production also falling to the lowest level in nine months. The stocks decreased by 11.83% from the previous month to 2.02 million metric tonnes, and crude palm oil production declined by 9.59% to 1.40 million tonnes. This reduction could potentially support benchmark futures, which lost 10% in 2023. However, the rebound in palm oil prices may be limited due to the abundant supplies of rival soyoil and sunflower oil.

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

Original content

KUALA LUMPUR/MUMBAI (Feb 13): Malaysia’s palm oil stocks fell more than expected to their lowest in six months at the end of January, as production plunged to the lowest level in nine months amid steady exports, the industry regulator said on Tuesday. The reduction in stocks at the world’s second largest palm oil producer after Indonesia would help in supporting benchmark futures, which lost 10% in 2023. Palm oil stocks at the end of January fell 11.83% from the previous month to 2.02 million metric tonnes, the lowest since July, data from the Malaysian Palm Oil Board (MPOB) showed. Crude palm oil production declined 9.59% from December to 1.40 million tonnes in January, the lowest since April, while exports dropped 0.85% to 1.35 million tonnes, the MPOB said. A Reuters survey forecast January’s inventories at 2.14 million tonnes, a 6.62% decline from the previous month, with output at 1.37 million tonnes and exports at 1.22 million tonnes. The MPOB report is slightly bullish, as ...

Source: Theedgemarkets