Palm oil stocks at highest level in 20 years

Malaysian palm oil futures edged lower on Friday as traders awaited industry production data for the first 20 days of the month before taking any fresh positions.

SINGAPORE: Malaysia’s palm oil stockpiles at the end of November rose above 3 million tonnes as a steep decline in exports boosted reserves, official data showed yesterday.

Palm oil stocks last month rose 10.5% from October to 3.007 million tonnes, industry regulator the Malaysian Palm Oil Board (MPOB) said. The stockpiles are at the highest in at least 18 years, according to Refinitiv data going back that far.