Malaysia’s November palm oil stocks hit high of more than 6 years

KUALA LUMPUR: Malaysia’s palm oil stocks hit a high of more than a six and a half years in November, rising 13% from the previous month to 2.84 million metric tons, as production outpaced weak export demand, data from the industry regulator showed on Wednesday.

Crude palm oil production fell 5.3% in November from October to 1.94 million tons, but was still the highest November production recorded since 2017, the Malaysian Palm Oil Board said.

Meanwhile, palm oil exports plunged 28.1% to 1.21 million tons, snapping two consecutive months of gains.

A Reuters survey had forecast inventories at 2.66 million tons, with output seen at 1.98 million tons and exports at 1.44 million tons.