Malaysia palm oil stocks hit highest in over a year

HIgher stockpile: A worker loads palm fruits onto the back of a truck at a plantation in Perak. Stockpile of the tropical oil climbed 16.8 to 1.78 million tonnes from June. — Bloomberg

KUALA LUMPUR: Palm oil inventories in Malaysia, the world’s No. 2 producer of the commodity, jumped to their highest in over a year in July as stronger-than-forecast production outpaced export gains.

Stockpiles of the tropical oil climbed 16.8% to 1.78 million tonnes from June, according to data from industry regulator the Malaysian Palm Oil Board (MPOB) . That marked the first such rise in three months.