Palm oil stocks at lowest level in seven months

KUALA LUMPUR: Malaysia’s palm oil stocks at the end of February dwindled to their lowest levels in seven months as production hit a 10-month low, offsetting the slowdown in exports, says the industry regulator.

The reduction in stocks in Malaysia, the world’s second-largest palm oil producer after Indonesia, would help in supporting benchmark futures, which lost 10% in 2023. Malaysia’s palm oil stocks at the end of February fell 5% from the previous month to 1.92 million tonnes, their lowest since July 2023, data from the Malaysian Palm Oil Board showed.

Crude palm oil production declined 10.18% from January to 1.26 million tonnes, the lowest since April 2023. — Reuters