Malaysia’s palm oil stocks at the end of August rose slightly, official data showed on Thursday.
Palm oil inventories in the world’s second-largest producer increased 0.06% from the previous month to 1.7 million tons, marking the first monthly gain since April, according to data from industry regulator the Malaysian Palm Oil Board (MPOB).
Crude palm oil output rose 3.07% to a two-month high of 1.86 million tons, as plantations entered the seasonal peak production period.
Exports slumped 11.3% to 1.58 million tons, the lowest since May, as top buyers India and Europe reduced purchases.
Shipments to India, the world’s largest edible oil consumer, fell 27%, while those to Europe declined 7%.
The market will now wait for September production numbers for further price direction.