Malaysia end-June palm oil stocks fall to 2.42m tonnes


  • Business Premium
  • Wednesday, 10 Jul 2019

Malaysian palm oil futures edged up at the close of trade on Friday, but remained largely caught in a range as demand remained tepid.

KUALA LUMPUR: Malaysia's palm oil stockpiles at the end of June eased 0.97% from the previous month to 2.42 million tonnes, industry regulator the Malaysian Palm Oil Board (MPOB) said on Wednesday.

Output in June in the world's second largest palm producer fell 9.2% month-on-month to 1.52 million tonnes, while exports dropped 19.4% from May to 1.38 million tonnes last month, according to the MPOB data.
    
A Reuters survey had forecast palm oil's stockpiles at end-June to fall 4% to 2.35 million tonnes. 

Production was seen dropping 8% to 1.54 million tonnes, while exports were expected to decline 19% to 1.39 million tonnes. - Reuters

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