Malaysia’s end-August palm oil stocks jump to seven-month high
Malaysia’s palm oil stocks at the end of August rose to their highest since January, higher than market expectations, data from the Malaysian Palm Oil Board (MPOB) showed on Monday.
Inventories jumped 22.5% in the world’s second-largest producer of the commodity to 2.12 million tonnes, the data showed.
Crude palm oil production gained 8.9% from July to 1.75 million tonnes in August, while palm oil exports fell 9.78% to 1.22 million tonnes, MPOB said.
Following is a breakdown of the Malaysian Palm Oil Board figures for August (volumes in tonnes):
|
|
August 2023 |
August 2023 poll |
July 2023* |
August 2022 |
|
Output |
1,753,472 |
1,720,000 |
1,609,977 |
1,725,781 |
|
Stocks |
2,124,963 |
1,891,321 |
1,734,157 |
2,094,667 |
|
Exports |
1,221,814 |
1,330,000 |
1,354,336 |
1,299,654 |
|
Imports |
110,621 |
100,000 |
103,837 |
145,452 |
*indicates revised figures by the Malaysian Palm Oil Board
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