"A massive drop in domestic consumption led to a surge in end-month stocks to surpass 2 million tonnes," said Sathia Varqa, co-founder of Singapore-based Palm Oil Analytics.
KUALA LUMPUR: Malaysia's palm oil inventories jumped to more than two million tonnes in April, well above expectations, as production surged to a six-month high and coronavirus lockdowns led to a slump in demand, industry data showed on Tuesday.
End-April stockpiles in the world's second-largest palm producer rose 18.3% from March to 2.05 million tonnes, the highest since December 2019, the Malaysian Palm Oil Board (MPOB) said.
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