Palm oil stocks in Malaysia hit multi-year highs
Palm oil reserves in Malaysia, one of the largest palm oil producing and exporting countries, reached a record 2.46 million tonnes in October, Reuters reports, citing data from the national Palm Oil Board (MPOB).
This was the highest level since April 2019 and 31% higher than the October figures for last year.
The increase was driven by record production of 2.04 million tonnes, up 11.02% from the previous month. Palm oil exports also rose to a record 18.58% to 1.6 million tonnes.
At the same time, analysts predict a slowdown in both stock and production growth in the country this month. They attribute the former to the current peak in volumes, and the latter to growing export demand due to lower prices compared to other vegetable oils.
It was previously reported that palm oil production in Malaysia could grow by another 3.4% and reach a record 20 million tonnes in 2025.
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