Malaysia’s palm oil stocks hit six-month high as output surges

Published 2024년 9월 11일

Tridge summary

In August, Malaysia's palm oil stocks reached a six-month high due to a significant increase in monthly production and a decline in exports, as reported by the Malaysian Palm Oil Board (MPOB). Stocks rose by 7.34% from July to 1.88 million metric tons, with crude palm oil production climbing 2.87% to 1.89 million tons, the highest since 2015. However, exports dropped by 9.74% to 1.53 million tons. This data aligns with forecasts, indicating stable stock levels, but the lack of demand from major markets like India and China could put downward pressure on prices. Additionally, the market is monitoring Indonesia's biodiesel policy and potential changes in its export levy structure.

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

Original content

Malaysia’s stocks of palm oil jumped in August to their highest in six months, as monthly production reached a nine-year high amid a slowdown in exports, the industry regulator said on Tuesday. The rise in stocks in Malaysia, the world’s second-largest producer of palm oil after neighbouring Indonesia, could weigh on benchmark futures already hovering near their lowest in seven months. Malaysia’s palm oil stocks at the end of August rose 7.34% from the previous month to 1.88 million metric tons MYPOMS-TPO, the highest level since February, the Malaysian Palm Oil Board (MPOB) said. Crude palm oil production gained 2.87% in August from July to 1.89 million tons, the highest since October, data from the industry regulator showed on Tuesday. Production for the month was the highest since 2015. Palm oil exports in the month fell 9.74% to 1.53 million tons, the MPOB said. A Reuters survey had forecast inventories at 1.86 million tons, with output seen at 1.89 million tons and exports at ...

Source: Hellenic Shipping News