CPO stocks down 19.2% in Dec


“Palm oil exports gained 24.66% to 1.62 million tonnes in December 2020 versus 1.3 million tonnes in the previous month, while oleochemical exports slipped by 5.91% to 246,844 tonnes from 262,392 tonnes previously, ” it said.

KUALA LUMPUR: Malaysia’s crude palm oil (CPO) stocks slumped 19.2% to 583,761 tonnes in December 2020 from the 722,451 tonnes in November, the Malaysian Palm Oil Board (MPOB) said.

Processed palm oil stocks shrank 18.85% month-on-month to 681,120 tonnes during the month compared with 839,307 tonnes in the preceding month, the board said in its monthly report on the palm oil industry performance for December 2020.

During the month under review, CPO production slid 10.59% month-on-month to 1.33 million tonnes from 1.49 million tonnes previously.

Palm kernel output was 11.41% lower at 310,204 tonnes from 350,144 tonnes in November 2020.

“Palm oil exports gained 24.66% to 1.62 million tonnes in December 2020 versus 1.3 million tonnes in the previous month, while oleochemical exports slipped by 5.91% to 246,844 tonnes from 262,392 tonnes previously, ” it said.

Biodiesel exports in the month under review jumped 111.34% to 42,913 tonnes compared with 20,305 tonnes in November 2020. Palm kernel oil exports, meanwhile, added 58.64% to 145,551 tonnes from 91,747 tonnes in the preceding month. Exports of palm kernel cake decreased 22.75% to 168,208 tonnes in December 2020 from 217,753 tonnes in November 2020.

The Malaysian Palm Oil Council is forecasting CPO prices to remain above RM3,000 per tonne in 2021. — Bernama

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

palm oil , CPO , stocks , MPOB , Malaysian Palm Oil Board ,

   

Next In Business News

Ringgit edges higher against US$ near 4.24 support
Bursa tracks Wall Street higher as Omicron fears wane
Tiong Nam ready to capitalise on demand for warehousing services
Trading ideas: Mah Sing, Yinson, T7 Global, Kelington, Jade Marvel
Norway's Aker Solutions says Malaysia manager cleared of charges
Iraqi oil minister expects oil to reach over US$75
Global oil CEOs stress need for fossil fuels despite push for cleaner energy
Oil rebounds by almost 5% on Omicron hopes, Iran talks
GLOBAL MARKETS-Stocks rally, dollar gains as Omicron fears ease
Kishida to boost workers’ wages, defence capability

Others Also Read


Vouchers