Palm oil stocks in Malaysia in November fell to a minimum in the last 4 years
According to the Malaysian Palm Oil Board (MPOB), Malaysian palm oil stocks in November fell for the second consecutive month to the lowest level in 4 years – to 1.84 million tons (-2.6% m/m), Reuters reports.
The decline in stocks was facilitated by a decrease in crude palm oil production in November – by 9.8% month-on-month to 1.62 million tons, the lowest monthly figure since 2020.
Palm oil exports also fell in November, down 14.7% to 1.49 million tons.
Earlier, the Council of Palm Oil Producing Countries (CPOPC) predicted that prices for the product next year could range from 4000 to 5000 ringgit ($904-1130) per tonne, due to stagnant production in key markets, especially in Indonesia and Malaysia.
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