Jan palm oil stocks fall 6.7pc to 3 million tonnes

KUALA LUMPUR: Malaysia's palm oil stockpiles at the end of January fell 6.7 percent from the previous month to 3 million tonnes, industry regulator the Malaysian Palm Oil Board (MPOB) said on Monday.

Production in January fell 3.9 percent from the previous month to 1.74 million tonnes. Exports, however, jumped 21.2 percent from December to 1.68 million tonnes, according to MPOB data.

A Reuters survey had forecast palm oil's end-January stockpiles to fall 4.7 percent to 3.07 million tonnes, while production was forecast to fall 10.9 percent to 1.61 million tonnes. Exports were forecast to gain 12.4 percent to 1.56 million tonnes.