KUALA LUMPUR (Nov 11): Malaysia’s palm oil stocks at the end of October this year fell 6.32% from the previous month to 1.88 million metric tonnes, the first decline in inventory in three months, data from the industry regulator showed on Monday.
Crude palm oil production was down 1.35% in October from September, to 1.80 million tonnes, while palm oil exports ticked up 11.07% to 1.73 million tonnes, the Malaysian Palm Oil Board (MPOB) said.
A Reuters survey had forecast inventories at 1.92 million tonnes, with output seen at 1.76 million tonnes and exports at 1.63 million tonnes.
Following is a breakdown of the MPOB figures and Reuters estimates for October (volumes in tonnes):
|
PALM/POLL |
October 2024 |
October 2024 poll |
September 2024 |
October 2023 |
|
Output |
1,797,348 |
1,763,638 |
1,821,933 |
1,937,224 |
|
Stocks |
1,884,597 |
1,920,443 |
2,011,768* |
2,447,038 |
|
Exports |
1,732,448 |
1,629,973 |
1,559,846* |
1,480,686 |
|
Imports |
16,347 |
10,000 |
5,482 |
47,557 |
*indicates revised figures by the MPOB.
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