KUALA LUMPUR (June 10): Malaysia’s total palm oil stocks eased 0.49% month-on-month (m-o-m) to 2.03 million tonnes in May 2020 from 2.04 million tonnes recorded in April, the Malaysian Palm Oil Board (MPOB) said today.

In a statement, the industrial regulator said the crude palm oil (CPO) stock declined 4.6% m-o-m in May to 996,730 tonnes versus April’s 1.04 million tonnes.

Meanwhile, the processed palm oil stock was up by 3.8% m-o-m to 1.03 million tonnes, compared with 999,760 tonnes in the previous month, while CPO production slipped 0.09% m-o-m to 1.651 million tonnes from 1.652 million tonnes.

Palm kernel output was 2.74% m-o-m lower at 401,280 tonnes from 412,597 tonnes.

The MPOB said palm oil exports strengthened 10.69% m-o-m in May 2020 to 1.36 million tonnes from 1.24 million tonnes in April.

Exports of palm kernel cake rose 14.03% m-o-m to 191,019 tonnes versus 167,510 tonnes, while biodiesel exports in the month under review jumped 190.22% m-o-m to 18,652 tonnes from 6,427 tonnes.

Palm kernel oil exports inched down 10.78% m-o-m in May 2020 to 75,049 tonnes from 84,118 tonnes, while exports of oleochemicals also decreased by 14.14% m-o-m to 232,917 tonnes from 271,275 tonnes.

The MPOB said CPO imports, however, went up 137.14% to 17,586 tonnes in May from 7,416 tonnes in April.

Meanwhile, total palm oil imports slipped 34.45% to 37,101 tonnes from 56,596 tonnes previously, it added. 

Source : The Edge Markets