Malaysia End-August Palm Oil Stocks Hit 2 Million Tonnes, First In 2 Years
NDTV
Stockpiles jumped 14.5% from the month before to 2.03 million tonnes, the highest since April 2020, according to the median estimate of nine traders and analysts polled by Reuters.
Malaysia's palm oil inventories at end-August likely swelled above 2 million tonnes for the first time in more than two years, lifted by a jump in production, a Reuters survey showed on Monday.
Stockpiles jumped 14.5% from the month before to 2.03 million tonnes, the highest since April 2020, according to the median estimate of nine traders and analysts polled by Reuters.
Output in the world's second largest producer climbed 8% to 1.7 million tonnes, hitting a 10-month peak.
August, the start of the peak production season, is on course to be the best production month, buoyed by rains offering ample soil moisture and boosting yields, said Sathia Varqa, co-founder of Singapore-based Palm Oil Analytics.
