Malaysia Palm oil Inventories Registered Five-Month High in End April as Export Slump

According to Malaysian Palm Oil Board (MPOB), the palm oil stocks of the nation climbed to a five-month peak at the end of April on improving production and a deeper-than-expected fall in exports.

Inventories in Malaysia rose 11.48 per cent from the previous month to 1.64 million tonnes, up for the first time in six months.

In terms of production, crude palm oil expanded 3.6 per cent from March to 1.46 million tonnes, its highest since November.

Meanwhile, palm oil exports declined 17.73 per cent to 1.05 million tonnes, lower than market expectations.

The plunge in exports could be explained by the impact of China’s continuing COVID-19 restrictions in major cities, and lower shipments to Pakistan, Iran and Bangladesh, said Sathia Varqa.

Given that there is no clarity when Indonesia will lift its palm oil export ban and market is struggling to digest the lack of demand from the destination markets, Malaysia’s exports are expected to skyrocket in May as a result of top producer Indonesia’s ban on shipments of crude and refined grades.

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