Malaysian palm oil futures rose over 1 percent in their second half of trading on Wednesday, charting a third consecutive session of gains, as bullish sentiment on declining production lifted the market
KUALA LUMPUR: Malaysia's total palm oil stocks in January 2018 fell 6.75 per cent to 2.55 million tonnes from 2.73 million tonnes recorded in December last year, said the Malaysian Palm Oil Board (MPOB).
In a statement, MPOB said crude palm oil (CPO) stocks decreased 5.72 per cent to 1.57 million tonnes during the month under review from 1.67 tonnes registered a month earlier.
Stocks of processed palm oil reduced 8.37per cent to 973,965 tonnes from 1.06 million previously.
On production, MPOB said, CPO output declined 13.49 per cent to 1.59 million tonnes in January from 1.83 million tonnes recorded in December 2017.
Palm kernel output was 10.03 per cent lower at 418,422 tonnes in January versus December's production of 465,062 tonnes, it said.
It added that exports rose 6.01 per cent to 1.51 million tonnes in January from 1.43 million tonnes recorded in December.
Exports of oleochemicals declined 3.52 per cent to 255,21 tonnes, during the month under review, from 264,532 tonnes recorded in December.
Palm kernel oil exports contracted 40.03 per cent to 72,296 tonnes in January from 120,563 tonnes recorded in the previous month and that of palm kernel cake eased 1.72 per cent to 217,817 tonnes from 221,622 tonnes, previously, it added. - Bernama
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