Malaysia’s palm oil stocks hit four-month high on weak exports
Malaysia's palm oil inventory surged to a four-month high in June, driven by a steeper decline in exports compared to production, the industry regulator said on July 10.
Hanoi (VNA) ☂– Malaysia's palm oil inventory surged to a four-month high in June, driven by a steeper decline in exports compared to production, the industry regulator said on July 10.
In late June, the palm oil stocks rose 4.35% from May to 1.83 million cu.m, the highest since February, the Malaysian Palm Oil Board (MPOB) said.
Crude palm oil production declined 5.23% from May to 1.62 million tonnes, while palm oil exports plunged 12.82% to 1.21 million tonnes.
The rise in stocks in Malaysia, the world's second-largest palm oil producer after Indonesia, would put pressure on benchmark futures, which fell more than 4% in two days./.
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