KUALA LUMPUR (Feb 4): Malaysia’s palm oil stocks likely grew 7.5% month-on-month (m-o-m) to 1.36 million tonnes (at end-January 2021) due to a slower decline in production compared to exports, said CGS-CIMB.
Its analyst Ivy Ng said findings of a survey of palm oil areas by the CGS-CIMB Futures team revealed that Malaysia’s crude palm oil (CPO) output probably fell 14% m-o-m or 2.1% year-on-year (y-o-y) to 1.15 million tonnes in January 2021.
Meanwhile, palm oil exports likely fell 35% m-o-m and 13% y-o-y, based on export statistics by cargo surveyors Intertek Testing Services (ITS) (-37.2% m-o-m), AmSpec Malaysia (-36.4% m-o-m) and SGS (-32.07%).
Ng estimated that Malaysia’s palm oil inventory had probably grown 7.5% m-o-m but declined 22.5% y-o-y to 1.36 million tonnes at end-January 2021.