KUALA LUMPUR (Feb 10): Malaysia’s January 2022 total palm oil inventory, comprising crude palm oil (CPO) and processed palm oil, unexpectedly fell from a month earlier as export of the commodity dropped by a larger quantum compared to its production, the Malaysian Palm Oil Board (MPOB) said on Thursday (Feb 10).
In a statement on Thursday, MPOB said Malaysia’s January 2022 total palm oil inventory fell 3.85% to 1.55 million tonnes from 1.61 million tonnes in December 2021 as CPO production dropped 13.54% to 1.25 million tonnes from 1.45 million tonnes.
MPOB said the country’s palm oil exports declined 18.67% to 1.16 million tonnes from 1.42 million tonnes.
Malaysia’s January 2022 total palm oil inventory’s 3.85% drop was unexpected based on a Reuters survey which indicated that the country’s total palm oil inventory could have risen 0.34% during the month.
The survey involving traders and analysts showed that the country’s CPO production could have shrunk 10% in January 2022 while “exports are expected to slump 21%”, the newswire reported.
Source : The Edge Markets