KUALA LUMPUR: Malaysia’s palm oil stocks rose to a five-month high in July as production remained above rising export volumes, data from the industry regulator show.
Palm oil inventories rose 3.32% from the previous month to 2.63 million tonnes, the highest level since February, the Malaysian Palm Oil Board said.
Crude palm oil production gained 9.41% from June to 1.79 million tonnes, the second straight monthly rise and the highest monthly output since December last year.
Palm oil exports surged 14.5% to 1.39 million tonnes, also marking a second consecutive monthly increase, the data showed.
A Reuters survey had forecast inventories at 2.61 million tonnes, with output seen at 1.76 million tonnes and exports at 1.38 million tonnes. — Reuters
