KUALA LUMPUR: Malaysia’s palm oil stocks surged 7.58% to 3.05 million metric tons in December, hitting their highest level in seven years, as strong output continued to outpace export demand, data from the industry regulator showed on Monday.
Crude palm oil production was down 5.46% from a month earlier to 1.83 million tons, but was still the highest output for December in eight years.
Palm oil exports increased 8.52% to 1.32 million tons, reversing last month’s decline, the Malaysian Palm Oil Board (MPOB) said.
A Reuters survey had forecast inventories at 2.97 million tons, with output seen at 1.76 million tons and exports at 1.25 million tons.
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