Malaysian palm oil stocks at the end of October rose to their highest level seen since April 2019 at 2.45 million mt, data released by the Malaysian Palm Oil Board (MPOB) showed Friday.
This was 5.84% higher than September’s stocks, but slightly below industry estimates of 2.56-2.59 million mt as polled by newswires Bloomberg and Reuters.
The lower-than-expected increase came on the back of a significant jump in exports at 1.47 million mt, 21.04% higher than September and the highest level since March this year.
The volume also exceeded industry expectations of around 8% higher than September, and that of cargo surveyor estimates which had put October exports at 1.35-1.46 million mt.
The rise in exports is likely to be driven by increased shipments to China, the Middle East, Turkey and Asia Oceania, based on earlier cargo surveyor data.
Meanwhile, crude palm oil (CPO) production in October also exceeded survey estimates at 1.94 million mt, 5.89% more than September – versus expectations of around 1.88-1.89 million mt – and the highest since October 2018 where CPO output hit 1.96 million mt.
The rise comes primarily on the back of higher…
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