KUALA LUMPUR: Malaysia’s palm oil stocks at the end of October expanded for a fifth month to a three-year high as production improved, data from the nation’s palm oil board showed on Friday.
Inventories in the world’s second-largest producer rose 3.74% from the previous month to 2.4 million tonnes, its highest since Sept. 2019, according to the Malaysian Palm Oil Board (MPOB).
However, it was slightly lower than a Reuters’ survey pegging inventories at 2.53 million tonnes.
Crude palm oil production rose for a fifth month amid the peak crop season, climbing 2.44% from September to 1.81 million tonnes. Exports gained 5.66% to 1.5 million tonnes, the industry regulator said. Imports fell 49.85%.
Heavy monsoon rains and a high risk of flooding due to La Niña are threatening to impede harvest in world’s largest producers Indonesia and Malaysia, which will likely hurt production in November and December.
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