Malaysia’s palm oil stocks hit over six year high in November on weak exports, robust output

Malaysia’s palm oil stocks rose in November to a more than 6-1/2-year high, as weaker exports coincided with the second-highest production ever recorded for the month, data from the industry regulator showed on Wednesday. Rising inventories in the world’s second-biggest producer of the tropical oil could weigh on benchmark Malaysian futures, which are trading near a five-month low. Malaysia’s palm oil stocks in November rose 13% from the previous month to 2.84 million metric tonnes, the highest since March 2019, the Malaysian Palm Oil Board (MPOB) said. Crude palm oil production fell 5.3% in November from October to 1.94 million tonnes, but was still the highest November production recorded since 2017, the MPOB said. Meanwhile, palm oil exports plunged 28.1% to 1.21 million tonnes, snapping two consecutive months of gains. A Reuters survey had forecast inventories at 2.66 million tons, with output seen at 1.98 million tons and exports at 1.44 million tons. Given the current ...