The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange was up 2.7 percent at 2,518 ringgit ($618) at the close of trade, its first gain in three sessions and its sharpest rise since July 25. It earlier hit an intraday high of 2,525 ringgit, its highest level in a week, and rose 1.6 percent on the week after six consecutive weekly falls.
KUALA LUMPUR: Malaysia's total palm oil stocks in March 2018 slipped by 6.24 per cent to 2.32 million tonnes against 2.48 million tonnes in February 2018.
In a statement on Tuesday, the Malaysian Palm Oil Board (MPOB) said, crude palm oil (CPO) stocks fell by 13.89 per cent month-on-month (m-o-m) to 1.34 million tonnes from 1.56 million previously.
Meanwhile, processed palm oil stocks rose by 6.79 per cent m-o-m to 978,595 tonnes from 916,334 tonnes previously. CPO production increased to 1.57 million tonnes m-o-m from 1.34 million tonnes previously, it said.
The board said palm kernel output increased to 404,924 tonnes versus 340,708 tonnes previously.
On exports, it said, biodiesel in March slipped to 24,373 tonnes m-o-m versus 34,875 tonnes, while palm oil increased to 1.57 million tonnes from 1.31 million tonnes.
However, MPOB said, palm kernel oil export fell to 74,470 tonnes from 108,106 tonnes, it said.
It said palm kernel cake export declined to 132,448 tonnes m-o-m from 217,874 tonnes, while oleochemicals rose to 273,870 tonnes from 239,378 tonnes. - Bernama
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