Palm oil stockpile up to 1.83 million tonnes in June

MPOB said palm oil exports fell to 1.21 million tonnes in June versus 1.38 million tonnes in May. — Bloomberg

KUALA LUMPUR: Malaysia’s total palm oil stocks increased by 4.35% to 1.83 million tonnes in June 2024 from 1.75 million tonnes in May 2024, according to the Malaysian Palm Oil Board (MPOB).

In its June 2024 industry performance report, MPOB said the country’s crude palm oil (CPO) stocks fell to 925,165 tonnes in June from 979,019 tonnes recorded in May.

“Processed palm oil stocks rose to 904,304 tonnes in June from 774,192 tonnes previously,” it said.

Meanwhile, it said CPO production contracted to 1.62 million tonnes in June from 1.70 million tonnes in the preceding month, while palm kernel output slid to 367,852 tonnes from 408,326 tonnes previously.

MPOB said palm oil exports fell to 1.21 million tonnes in June versus 1.38 million tonnes in May, and biodiesel exports dropped to 14,542 tonnes in June against 22,483 tonnes in May.

Oleochemical exports reduced to 217,430 tonnes in June from 257,635 tonnes previously.

“Export of palm kernel oil in June went up to 90,895 tonnes from 87,827 tonnes in May.

“Meanwhile, export of palm kernel cake soared to 213,418 tonnes in June from 147,006 tonnes previously,” it said.

On imports, MPOB said both CPO and processed palm oil slipped to 11,738 tonnes in June from 20,761 tonnes in the previous month.

Total palm kernel oil imports were down to 11,214 tonnes in June from 15,842 tonnes in May, it added. — Bernama