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KUALA LUMPUR: Malaysia’s palm oil tocks rose to their highest level in almost two years in July, increasing 4.02% over the month to 2.11 million metric tons as robust production outpaced an increase in demand, data from the industry regulator showed on Monday.
Crude palm oil production was up 7.09% in July from June to 1.81 million tons, the highest since September last year, while palm oil exports increased by 3.82% to 1.31 million tons after a large fall in June, the Malaysian Palm Oil Board (MPOB) said.
A Reuters survey had forecast inventories at 2.25 million tons, with output seen at 1.83 million tons and exports at 1.3 million tons.