Malaysian Palm Oil Board: CPO stocks 7.15pc higher at 841,464 tonnes in May

Overall, palm oil stocks increased 1.49 per cent to 1.56 million tonnes from 1.54 million tonnes previously. — Reuters pic
Overall, palm oil stocks increased 1.49 per cent to 1.56 million tonnes from 1.54 million tonnes previously. — Reuters pic

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KUALA LUMPUR, June 10 ― Malaysian crude palm oil (CPO) stocks continued to rise in May 2021, growing 7.15 per cent to 841,464 tonnes from 785,308 tonnes the month before, said the Malaysian Palm Oil Board (MPOB).

However, processed palm oil inventory eased 4.35 per cent month-on-month (m-o-m) to 727,479 tonnes from 760,597 tonnes, the agency said in its industry performance report for May.

Overall, palm oil stocks increased 1.49 per cent to 1.56 million tonnes from 1.54 million tonnes previously.

On production, MPOB revealed that CPO output expanded 2.84 per cent to 1.57 million tonnes against 1.53 million tonnes in April.

Output of palm kernel slipped 0.15 per cent to 383,423 tonnes from 384,009 tonnes in the preceding month while crude palm kernel oil production fell 5.5 per cent to 168,122 tonnes from 177,910 tonnes in April.

Meanwhile, palm oil exports fell 6.01 per cent m-o-m to 1.26 million tonnes in May from 1.35 million tonnes, and palm kernel oil exports shrank 26.12 per cent m-o-m to 71,330 tonnes from 96,546 tonnes in the preceding month.

MPOB said oleochemical exports also decreased 6.84 per cent m-o-m to 220,594 tonnes from 236,803 tonnes, while biodiesel exports narrowed 47.76 per cent m-o-m to 14,643 tonnes from 28,029 tonnes previously.

It said CPO imports dropped to nil in May from 8,046 tonnes in April, while total palm oil imports slipped 18.97 per cent to 89,014 tonnes from 109,847 tonnes in the preceding month. ― Bernama

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