Malaysia’s palm oil stocks fall to 4-month low
Palm oil stocks in Malaysia by the end of December reached the minimum value for the last 4 months – 2.29 million tons. Such data was released in the national council MPOB. They note that the decline in residuals in the long term could support futures, which sagged in 2023 by 10%.
In addition, crude palm oil (CPO) production in December fell 13.31% to 1.55 million tons from the previous month. Palm oil exports fell 5.12% to 1.33 million tons.
One of the traders interviewed said the current data was in line with market expectations, which is why futures on the bourse have been rising over the past two days.
“The focus will now be on export performance for January, while production for the month is expected to continue to decline,” Sunvin Group head of research Anilkumar Bagani said.
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