KUALA LUMPUR, March 10 — Malaysia’s end-February palm oil inventories tumbled to the lowest in six months as production and imports plummeted, data issued by the nation’s palm oil board showed today.
Stockpiles fell 6.56 per cent from January to 2.12 million tonnes, the lowest since August, according to the Malaysian Palm Oil Board (MPOB).
Hammered by seasonal flooding, crude palm oil production shrank to a one-year low. Output in the world’s second-largest producer fell 9.35 per cent to 1.25 million tonnes, down for a fourth month.
Exports slipped 1.99 per cent to a 10-month low of 1.11 million tonnes. Imports fell 63.8 per cent.
Inventories could fall below 2 million tonnes by the end of April, as exports climb after Indonesia restricted overseas sales, Ahmad Parveez Ghulam Kadir, director general of MPOB told Reuters this week. — Reuters