Oleochem Analytics — Malaysia’s end-October palm oil stocks rose by 4.42pc from the previous month to 1.83mn t, data from industry regulator Malaysian Palm Oil Board (MPOB) showed on 10 November.
A sharp rally in the benchmark palm oil prices, which hit a record of 5,220 ringgit/t in mid-October, deterred demand. Softer demand paired with peak harvest production increased inventories.
Crude palm oil production in October also moved up to 1.73mn t, increasing 1.30pc from September. Palm oil exports fell by 12.03pc to 1.42mn t, MPOB said.
MPOB said oleochemical exports increased by 3.57pc in October to 246,670 t from 238,162 t the previous month. Biodiesel exports in October were down by 63.29pc to 19,204 t from 52,313 t in September this year.