Palm oil stocks fall more than expected

KUALA LUMPUR: Malaysia’s end-September palm oil stocks fell more sharply than expected as export demand surged while production stayed flat, according to data by the palm oil board yesterday, supporting prices that are already trading near all-time highs.

Inventories at the world’s second-largest producer dropped 6.99% from the previous month to 1.75 million tonnes, falling from a 14-month peak, data from the Malaysian Palm Oil Board (MPOB) showed.