KUALA LUMPUR: Malaysia’s end-July palm oil inventories expanded to their highest level in five months on growing output, data from the nation’s palm oil board showed on Thursday, but came in below expectations as exports rose at a faster pace.
Stockpiles in the world’s second-largest producer gained 0.68% from the month before to 1.73 million metric tons, rising for a third consecutive month, according to the Malaysian Palm Oil Board.
A Reuters survey last week pegged inventories to stand at 1.79 million tons, rising 4.2% from a month earlier.
Crude palm oil output jumped 11.21% to 1.61 million tons, the highest since January, MPOB data showed.
Exports rose 15.55% to 1.35 million tons, more than expected.
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