KUALA LUMPUR: Palm oil inventories in Malaysia extended falls to a 13-month low at the end of August as strong export gains outpaced production increases, according to official data. Declining stockpiles in the world’s second-largest producer of the edible oil could boost benchmark prices which have retreated from a six-month top reached in end-August. Prices were last up 0.6% at RM2,214 a tonne at the midday break yesterday.
Stockpiles fell for the sixth month in a row, easing 5.3% from a month earlier to 2.25 million tonnes, the lowest since July 2018, data from the Malaysian Palm Oil Board (MPOB) showed.