KUALA LUMPUR — Malaysia’s palm oil September inventories rose 1.24% from the month before as a surprisingly small advancement in output and exports squeezed supply, according to industry regulator the Malaysian Palm Oil Board (MPOB) on Monday.
Inventories in the world’s second-largest producer rose to 1.73 million tons, the MPOB said.
September crude palm oil production hit a three-month high and rose 0.32% from August to 1.87 million tons. There is discussion that the typical seasonal upticks in production amid peak harvest might not happen this season amid rainy La Nina weather and labour issues in the region.Palm oil exports rose 1.88% on-month to 1.61 million tonnes, according to MPOB data. The figure was much lower than many analysts forecast.