Published on 10/07/2020 11:00:08 AM | Source: Reuters

Malaysia palm oil stockpile down 6.3% at end-June, MPOB says

Posted in Commodity Top News| #Palm Oil #Commodity #Malaysia

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KUALA LUMPUR - Malaysia's palm oil inventories at the end of June fell 6.33% from the previous month, at 1.90 million tonnes, industry regulator the Malaysian Palm Oil Board (MPOB) said on Friday.

June crude palm oil production grew 14.2% from May to 1.89 million tonnes.

Palm oil exports surged 24.9% from May to 1.71 million tonnes, according to MPOB data.

A Reuters poll had pegged June inventories to fall 5% from the month before to 1.94 million tonnes. Production was forecast to grow 8%.

Exports were expected to surge 20.6%, hitting a 10-month high, as key buyers restock on the edible oil amid the easing of coronavirus restrictions.

(Reporting by Mei Mei Chu; Editing by Shri Navaratnam)