MPOB June: Imports surge, stocks rise at a slower pace and exports gain within expectation | MPOB June 2021 2

MPOB June: Imports surge, stocks rise at a slower pace and exports gain within expectation | MPOB stocks June

 

 

 

 

 

 

 

MPOB June— Imports jumped 27.09% to the highest in 3 months as inbound shipments from Indonesia received discounts ahead of lower levy and tax-effective date in July. A tight supply of domestic CPO was also responsible for increased buying from Indonesia. June production rose at the low end of the forecast of 2.21% to 1.606 million tons—up for the fourth successive month. Jan-Jun 2021 production is still 23% lower than the same time last year reflecting lingering production problems of labor shortage and long-term decline in yield trends. Exports advanced 11.84% to 1.418 million tons, against the expectation of a rise of 9.34% mainly on strong shipment to China, Nigeria, and Iran helping to offset the decline to India by 27.84% to the lowest in 3 months as more buying shift to refined palm from Indonesian. End-month stocks rose but at a slower pace of 2.82% versus the expectation of an average 5.17% rise. Domestic consumption fell 30.44% within market prediction compared to a record high volume in May buoyed by higher usage during the Eid festival. Biodiesel exports doubled to 39,877 tons as more lockdown measures are eased in the summer season in the E.U.