After a 7.8% month-on-month (m-o-m) contraction in October, a survey by the CGS-CIMB Futures team revealed that CPO output in November may have declined further by 10.4% m-o-m to 1,55 tonnes. This is weaker than the historical trend of a 3.5% m-o-m decline in November output over the past 10 years.
PETALING JAYA: Malaysia's crude palm oil (CPO) production may have dropped further in November due to heavier-than-usual rainfall caused by La Nina, worker shortage and seasonality factors.
The lower output, which in turn leads to a decline in Malaysia’s palm oil stocks, is expected to support CPO prices moving forward.
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