Palm Oil Exports Down in October

PETALING JAYA: Malaysian palm oil exports were down in October

compared to September according to cargo surveyors in separate reports

today.

Intertek said palm oil exports fell 8.5% in October to 1.35 million tonnes compared to 1.47 million tonnes in September.

SGS said in another report that exports fell 12% to 1.31 million tonnes in October compared to 1.49 million tonnes in September.

ECM

Libra Investment Bank research head Bernard Ching said in a report that

for the nine months to September, exports were up 6.4% year-on-year

while month-on-month, exports were up 21%.

“Stock levels were flat in September given that production still rose and that exports were coming from a low base,” he said.

Ching

added that with the house projecting that October production would not

be as high as a year ago and exports continuing to be strong, the rise

in stock levels next month might not reach safe levels (of more than 2

million tonnes).

He said this would not be enough to take the

industry through the year-end festive season and the oncoming production

down cycle.

Source : The Star

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