Palm oil reserves jump, price may weaken further

Stockpiles rise: Oil palms in a plantation in Malaysia. Palm oil stockpiles in the country rose 5.3 to 2.27million tonnes in July from a month earlier.

KUALA LUMPUR: Palm oil stockpiles in Malaysia expanded to the highest since November after production climbed in the world’s biggest supplier after Indonesia.

Stockpiles rose 5.3% to 2.27 million tonnes in July from a month earlier and 34% from a year ago, Malaysian Palm Oil Board data showed yesterday. Output rose 2.9% to 1.82 million tonnes from June to a record for July and the highest since October.