Palm oil stockpiles rising slower than expected

Many analysts pegged the end-stocks higher, so the actual May figures caught many by surprise, according to Paramalingam Supramaniam, director at Selangor-based broker Pelindung Bestari

KUALA LUMPUR: Palm oil inventories in Malaysia grew at a slower pace than anticipated in May as production in the world’s second-largest supplier lagged and domestic consumption surged.

Stockpiles edged up only 1.5% from a month earlier to 1.57 million tonnes, according to the Malaysian Palm Oil Board (MPOB) yesterday, less than the 1.63 million tonnes forecast in a Bloomberg survey.