Palm oil stocks rise 8.8% in August

Nomura Holdings Inc said in a report that prices, which had hit a six-year low in August and trading at a wide discount to soybean oil, could start increasing gradually to RM2,300 per tonne over the next three months.

KUALA LUMPUR: Malaysia's total palm oil stocks in August 2017 rose 8.79% to 1.94 million tonnes from 1.78 million tonnes in July.

Crude palm oil (CPO) stocks also increased by 12.58% to 1.06 million tonnes during the month from 938,502 tonnes in the preceding month.

Stocks of processed palm oil increased 4.59% to 885,430 tonnes from 846.580 tonnes, the Malaysian Palm Oil Board (MPOB) said in a statement on Monday.

MPOB said CPO output contracted by 0.9to 1.81 million tonnes in August from 1.83 million tonnes the previous month.

Palm kernel output, however, rose 0.21% to 449,131 tonnes in August versus July's production of 448,212 tonnes.

MPOB said palm oil exports increased 6.43 to 1.49 million tonnes in August from 1.40 million tonnes in July, while export of oleochemicals rose 16.16% to 275,784 tonnes from 237,421 tonnes previously.

Palm kernel oil exports jumped 13.77% to 92,317 tonnes from 81,145 tonnes in the preceding month, but palm kernel cake fell 23.44% to 165,071 tonnes from 215,607 tonnes before.

In August, biodiesel exports declined 75.53% to 12,375 tonnes against July's 50,580 tonnes. - Bernama