KUALA LUMPUR, July 5 — Malaysia’s palm oil inventory is estimated to grow by three per cent month-on-month to 1.61 million tonnes at end-June 2021 as lower local usage was offset by higher exports, according to CGS-CIMB Securities Sdn Bhd.
“Despite this, the palm oil stock level in Malaysia is projected to remain tight as it is 15 per cent below the historical average June palm oil stock levels for the past 10 years of 1.9 million tonnes,” it said in a research note today. Average CPO price fell by 16 per cent m-o-m but grew 120 per cent year-on-year to RM3,831 per tonne in June 2021.
According to cargo surveyor Intertek Testing Services’ data, Malaysia’s exports for June rose by 7.06 per cent per cent m-o-m to 1.52 million tonnes from 1.42 million tonnes in the previous month.