Imports more than doubled in January to reach a 5 month high fueling a sharp rise in monthly stocks by 3.26% to 2.268 million tons and emerging much higher than expectation. Exports and production fell within market expectation. Production fell for the third successive month. A slower fall in production to exports also added to higher supply. Domestic consumption was calculated to show an increase of 5.44% to 318,225 tons and is poised for second month of rise in February ahead of the Ramadan seasonal demand. Imports are largely made up of RBD palm olein and palm oil—ITS data.
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