Palm oil stock in Malaysia rose 7% month-on-month and 19% year-on-year to an eight-month high of 1.77 million tonnes in July on higher production and lower domestic use.
Palm oil stock in Malaysia rose 7% month-on-month and 19% year-on-year to an eight-month high of 1.77 million tonnes in July on higher production and lower domestic use.“We view the rise in palm oil stocks as neutral for CPO price as this has been largely expected by the market,” CGS CIMB Research said in a report yesterday.
On Aug 1, the Indonesian government cut its export tax on CPO to US$33 per tonne for Aug 1-15, 2022 but on Aug 8, it announced a lower export tax threshold for CPO to a reference price of US$680 from US$750 per tonne. Malaysian CPO output in July rose 1.8% m-o-m and 3% y-o-y to 1.57 million tonnes but on a year-to-date basis, output fell 0.4% to 9.84 million tonnes on lower output in Sabah and Sarawak.