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Malaysia End-June Palm Oil Stocks Rise Slower than Expected as Exports Jumps

Senin, 10 Juli 2023 / 13:39 WIB
Malaysia End-June Palm Oil Stocks Rise Slower than Expected as Exports Jumps
ILUSTRASI. Workers handle palm oil fruits at an oil palm plantation in Slim River, Malaysia August 12, 2021. Picture taken August 12, 2021. REUTERS/Lim Huey Teng

Sumber: Reuters | Editor: Yudho Winarto

KONTAN.CO.ID - KUALA LUMPUR. Malaysia's palm oil inventories rose at the end of June but at a much slower than expected pace, as production declined and exports jumped, data by the country's palm oil board showed on Monday.

Stockpiles at the world's second largest producer gained 1.9% from the month before to 1.72 million metric tons, hitting a four-month high, Malaysian Palm Oil Board (MPOB) data showed.

That was much smaller than a Reuters forecast of a 10.5% jump.

The MPOB report is a surprise for most market participants and can force them to reassess the supply and demand, as well as trade flows, said Anilkumar Bagani, research head of Mumbai-based vegetable oils broker Sunvin Group.

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Crude palm oil output in June fell 4.6% to 1.45 million tons, MPOB data showed. Exports rose 8.6% to 1.17 million tons, surpassing cargo surveyors estimates.

Intertek Testing Services had estimated June export shipments to decline 6.9%, while Amspec Agri said shipments rose 0.6%. The biggest surprise was the extent of a rise in imports, Bagani added.

MPOB data showed imports surged 67%, partly due to rival Indonesia's lower palm oil prices.

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