Palm oil stocks down nearly half a percent in May

KUALA LUMPUR: Malaysia's total palm oil stocks eased 0.49 per cent month-on-month (m-o-m) to 2.03 million tonnes in May 2020 from 2.04 million tonnes recorded in April.

The Malaysian Palm Oil Board (MPOB) said on Wednesday crude palm oil (CPO) stock declined 4.60 per cent m-o-m in May to 996,730 tonnes versus April's 1.04 million tonnes.

Meanwhile, processed palm oil stock was up by 3.80 per cent m-o-m to 1.03 million tonnes as compared with 999,760 tonnes in the previous month, while CPO production slipped 0.09 per cent m-o-m to 1.651 million tonnes from 1.652 million tonnes.

Palm kernel output was 2.74 per cent m-o-m lower at 401.280 tonnes from 412,597 tonnes.

The MPOB said palm oil exports rose by 10.69 per cent m-o-m in May 2020 to 1.36 million tonnes from 1.24 million tonnes in April.

Exports of palm kernel cake rose 14.03 per cent m-o-m to 191,019 tonnes versus 167,510 tonnes, while biodiesel exports for the month under review jumped 190.22 per cent m-o-m to 18,652 tonnes from 6,427 tonnes.

Palm kernel oil exports inched down 10.78 per cent m-o-m in May 2020 to 75,049 tonnes from 84,118 tonnes and exports of oleochemical also decreased by 14.14 per cent m-o-m to 232,917 tonnes from 271,275 tonnes.

The MPOB said CPO imports, however, went up 137.14 per cent to 17,586 tonnes during the month of May from 7,416 tonnes in April 2020.

Meanwhile, total palm oil imports slipped 34.45 per cent to 37,101 tonnes from 56,596 tonnes previously, it added. - Bernama