Malaysia end-April palm oil stocks at five-month high as exports plunge

KUALA LUMPUR :Malaysia's palm oil stocks at the end of April climbed to a five-month peak on improving production and a deeper-than-expected fall in exports, data from the industry regulator showed on Tuesday.

Crude palm oil production expanded 3.6 per cent from March to 1.46 million tonnes, its highest since November.The plunge in exports reflected the impact of China's continuing COVID-19 restrictions in major cities, and lower shipments to Pakistan, Iran and Bangladesh, said Sathia Varqa, co-founder of Singapore-based Palm Oil Analytics.

"There is no clarity when Indonesia will lift its palm oil export ban and market is struggling to digest the lack of demand from the destination markets due to still higher palm oil prices for the nearby [contracts]," he added.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Malaysia end-April palm oil stocks rise for first time in 6 months-MPOBKUALA LUMPUR : Malaysia's April palm oil end-stocks rose 11.48 per cent from the previous month to 1.64 million tonnes, ending a five-month decline, data from industry regulator the Malaysian Palm Oil Board (MPOB) showed on Tuesday.Crude palm oil production expanded 3.6 per cent from March to 1.46 million
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »