Malaysia’s palm oil stocks rise to a three-month high
In May, palm oil stocks in Malaysia increased to the highest level for the last 3 months – 1.75 million tons (+0.5% vs. April). Such data were released on June 10 in the national council MPOB.
They also noted that during the reporting period, palm production in the country increased to 1.7 million tons (+13.5%), which is the maximum value for the last six months.
According to industry experts, such information will put pressure on stock futures, which by midday had already declined by about 0.6% in Kuala Lumpur.
In addition, Malaysian palm oil exports rose to 1.38 million tons (+11.7%) last month.
“If such trends continue in the coming months, prices could come under pressure, especially if exports do not exceed 1.5 million tons,” said Anilkumar Bagani, head of vegetable oil market research at Sunvin Group.
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