KUALA LUMPUR: Malaysia’s palm oil inventories at the end of June fell 6.33% from the previous month, at 1.9 million tonnes, industry regulator the Malaysian Palm Oil Board (MPOB) said on Friday.
June crude palm oil production grew 14.2% from May to 1.89 million tonnes.
Palm oil exports surged 24.9% from May to 1.71 million tonnes, according to MPOB data.
A Reuters poll had pegged June inventories to fall 5% from the month before to 1.94 million tonnes. Production was forecast to grow 8%.
Exports were expected to surge 20.6%, hitting a 10-month high, as key buyers restock on the edible oil amid the easing of coronavirus restrictions. – July 10, 2020, Reuters
