Malaysia’s palm oil stocks falls 1.09% to 2.42 mln tonnes in November

Malaysia’s total palm oil stocks fell by 1.09 per cent to 2.42 million tonnes in November from 2.45 million tonnes in October, according to the Malaysian Palm Oil Board (MPOB).

In its latest industry performance report for November 2023, the MPOB said crude palm oil (CPO) inventory decreased by 3.89 per cent to 1.34 million tonnes last month from 1.39 million tonnes in October.

Meanwhile, processed palm oil stocks were higher by 2.62 per cent to 1.08 tonnes in November from 1.05 tonnes previously.

CPO production declined by 7.66 per cent to 1.79 million tonnes in November from 1.94 million tonnes in the previous month, and palm kernel output went down by 8.04 per cent to 431,641 tonnes from 469,404 tonnes earlier.

The MPOB said palm oil exports slipped by 5.67 per cent, or 83,965 tonnes, to 1.39 million tonnes in November from 1.48 million tonnes previously, while oleochemical exports improved by 86.76 per cent to 495,141 tonnes.

Biodiesel exports weakened by 65.08 per cent to 17,971 tonnes in November from 51,462 tonnes in the preceding month.

Exports of palm kernel cake grew 63.76 per cent to 284,031 tonnes last month, while palm kernel oil exports strengthened by 9.67 per cent to 99,768 tonnes from 90,972 tonnes in October.

There was no CPO import in November, while total palm oil imports slid by 16.53 per cent to 39,696 tonnes compared with 47,557 tonnes in the previous month.

Tags: stocks, palm kernel oil, processed palm oil, palm kernel cake, exports, Crude palm oil, Production, Malaysia, palm oil