KUALA LUMPUR: Malaysia’s palm oil stocks climbed to a record high in October, surpassing the previous peak set a month earlier, as another month of bumper output more than offset a rebound in exports.
Rising inventories in the world’s second-largest palm oil producer have weighed on benchmark Malaysian palm oil futures, which are trading at their lowest levels in more than eight months.
Palm oil stocks rose for a seventh consecutive month to 3.62 million tonnes, up 3.15% from the previous record of 3.51 million tonnes in September, data from the Malaysian Palm Oil Board showed.
The figure missed expectations of 3.75 million tonnes in a Reuters survey.
Output was seen at 2.2 million tonnes and exports at 1.6 million tonnes.
Crude palm oil production gained 1.74% to 2.15 million tonnes, surpassing September’s record 2.12 million tonnes and marking a fifth consecutive monthly increase. — Reuters
