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Palm oil prices could rise in the near term after Malaysia’s official July data showed a steep dip in inventories at end-July along with lower production even as most market participants expected stocks to rise marginally or stay flat. Palm oil stocks fell to 1.49 million mt at the end of July, down 7.3% on .
Malaysia’s palm oil production and exports missed industry expectations in May, while domestic consumption surged, data released by the Malaysian Palm Oil Board or MPOB showed. Palm oil exports fell 6% month on month to 1.265 million mt in May. This was well below the median estimate of 1.345 million mt, according to a Platts .
Palm oil supply in Malaysia, Indonesia to rise in April: sources
Palm oil production and ending stocks at major producers Malaysia and Indonesia are set to rise in April, buoyed by a combination of favorable weather, easing labor shortages and increased fertilizer use, sources told S&P Global Platts.
In Malaysia, April production is expected to increase by 8.92% month on month to 1.55 million mt, sources said.
Meanwhile, Malaysian palm oil exports in April are set to increase 8.71% month on month to 1.28 million mt, according to Marcello Cultrera, institutional sales manager at Philip Futures.
Anil Kumar Bagani, research head at vegetable oil brokerage Sunvin Group, said exports are likely to reach 1.37 million mt in April.
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In Malaysia, April production is expected to increase by 8.92% month on month to 1.55 million mt, sources said.
Meanwhile, Malaysian palm oil exports in April are set to increase 8.71% month on month to 1.28 million mt, according to Marcello Cultrera, institutional sales manager at Philip Futures.
Anil Kumar Bagani, research head at vegetable oil brokerage Sunvin Group, said exports are likely to reach 1.37 million mt in April.
Other industry estimates have pegged Malaysia s April production at 1.55 million mt.
With the rise in production and export volumes, Malaysia s palm oil inventories in April are expected to range between 1.44 million mt and 1.56 million mt, an increase from March but still far lower than its average monthly inventory of 1.723 million mt in 2020, according to Malaysian Palm Oil Board (MPOB) data.