Malaysia's October palm oil stocks hit new peak as output surges
- Crude palm oil production gained 1.74% to 2.15 million tons, surpassing September's record high of 2.12 million tons
Malaysia's palm oil stocks hit a new record high in October, driven by unprecedented production levels that outpaced a significant rebound in exports, according to industry data.
- Record palm oil inventory levels in Malaysia.
- Unprecedented crude palm oil production figures.
- Sharp rebound in palm oil export volumes.
KUALA LUMPUR: Malaysia’s palm oil stocks reached a new peak in October, after another record month of output more than offset the rebound in exports, data from the industry regulator showed on Tuesday.
Palm oil inventories reached 3.62 million metric tons, 3.15% higher than the previous record of 3.51 million tons in Septemberandrising for a seventh consecutive month, the Malaysian Palm Oil Board said.
Crude palm oil production gained 1.74% to 2.15 million tons, surpassing September’s record high of 2.12 million tons, a fifth consecutive monthly increase, the data showed.
Palm oil exports, meanwhile, surged 55.8% to 1.71 million tons, snapping two straight monthly declines and reaching their highest level in a year.
A Reuters survey had forecast inventories at 3.75 million tons, with output seen at 2.2 million tons and exports at 1.6 million tons.