Malaysia June palm oil stocks at four-month high as output rises strongly

KUALA LUMPUR: Malaysia’s palm oil stocks climbed to a four-month high in June as a recovery in production outpaced demand growth, data from the industry regulator showed on Friday.

Palm oil inventories rose 4.78% from May to 2.54 million metric tons, their highest-ever June level, while crude palm oil production rose 8.08% to a six-month high of 1.64 million tons, rebounding after a decline in May, the Malaysian Palm Oil Board (MPOB) said.

Palm oil exports surged by 6.2% to 1.2 million tons, snapping two consecutive months of declines, the data showed.

A Reuters survey had forecast inventories at 2.5 million tons, with output seen at 1.65 million tons and exports at 1.3 million tons.