Malaysia’s palm oil stocks hit seven-year high

Malaysia’s palm oil inventories rose 7.58 percent in December to 3.05 million tonnes, reaching their highest level in seven years, as strong production continued to outpace export demand, Reuters reported, citing data from the industry regulator.

Crude palm oil production fell 5.46 percent from the previous month to 1.83 million tonnes, but still remained the highest December figure in eight years.

Palm oil exports increased 8.52 percent to 1.32 million tonnes, reversing the decline seen in the previous month, the Malaysian Palm Oil Association reported. A Reuters poll puts forecast stocks at 2.97 million tonnes, production at 1.76 million tonnes, and exports at 1.25 million tonnes.

Oleochemical exports surged by 33.49% to 283,261 tonnes from 212,203 tonnes in November.

Tags: stocks, Malaysia, palm oil