Malaysia’s palm oil stocks fall 4.2% in Feb

KUALA LUMPUR: Malaysia’s total palm oil stocks fell 4.2 per cent to 1.68 million tonnes in February 2020 from 1.76 million tonnes in January 2020.

In a statement today, the Malaysian Palm Oil Board (MPOB) said crude palm oil (CPO) stock dropped by 0.23 per cent to 842,965 tonnes from 844,930 tonnes previously.

Meanwhile, processed palm oil stock declined 7.89 per cent to 838,634 tonnes in February 2020 from 910,484 tonnes in the previous month.

CPO production, however rose by 9.99 per cent to 1.29 million tonnes from 1.17 million tonnes in January 2020.

Palm kernel output was 15.65 per cent higher at 331,808 tonnes from 286,909 tonnes.

MPOB said palm oil exports depreciated 10.81 per cent in February 2020 to 1.08 million tonnes from 1.21 million tonnes in January 2020.

Exports of palm kernel cake fell 35.56 per cent to 117,994 tonnes from 183,119 tonnes while biodiesel exports in the month under review was 62.77 per cent lower at 21,790 tonnes from 58,524 tonnes.

Palm kernel oil exports declined 24.08 per cent in February 2020 to 73,898 tonnes from 97,331 tonnes in the preceding month.

In contrast, exports of oleochemicals increased 2.91 per cent to 252,768 tonnes from the previous month’s 245,619 tonnes.

MPOB said CPO imports went up 27.49 per cent to 37,351 tones during the month from 29,298 tonnes in January 2020.

Total palm oil imports, however, dropped 21.52 per cent to 66,735 tonnes from 85,033 tonnes previously, it added. - Bernama