Malaysia’s December CPO production slides 22% due to floods

KUALA LUMPUR: Malaysia’s total crude palm oil (CPO) production fell 22.04% to 1.364 million tonnes in December 2014 from 1.754 million tonnes in November as floods wreak havoc in the east coast states of Peninsular Malaysia.

The Malaysian Palm Oil Board said on Monday CPO production in Peninsular Malaysia was slashed by 30.13% to 608,613 tonnes from 871,042 tonnes.

Sabah also reported a decline in production by 13.99% to 489,781 tonnes and Sarawak saw a decline of 14.08% to 266,403 tonnes.

Stocks of processed palm oil fell 11.55% to 2.013 million tonnes in December from 2.276 million tonnes in November.

MPOB said palm oil exports edged up slightly by 0.43% to 1.519 million tonnes from 1.513 million tonnes.

However, there was a sharp fall in biodiesel exports which fell by 97.3% on-year to 614 tonnes in December from 22,753 tonnes in October. Industry analysts said the sharp fall in these exports were due to the plunge in Brent crude oil prices which fell to around US$50 in December from the peak of US$110 in July.

Source : The Star


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