KUALA LUMPUR: Malaysian palm oil stocks fell to less than three million tonnes by end-March to their lowest in five months, as a surge in demand outpaced production gains, official data showed on Wednesday.
The fall in end-stocks could support benchmark palm oil prices, which have gained more than 5 % so far this month. Palm oil was last up 0.1% at RM2,214 ringgit a tonne at Wednesday’s midday break. “Exports were quite good due to Indian buying. This and next month summer in India, when they tend to buy more. Some exports were also due to Ramadan,” the trader said.
The MPOB data also showed that output in March rose to 1.67 million tonnes, up 8.3% from February and registering its first gain after four months of decline.
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