PALMOILMAGAZINE, KUALA LUMPUR – on Friday (10/11/2023), palm oil stock hit the highest level for the past four years by the late of October 2023 according to Malaysian Palm Oil Board (MPOB).
The exports also increased from what were predicted. The supply increased 5,84% from September to be 2,45 million metric tons. The numbers increased for the past six months in a row. The same thing happened in September 2019.
The data reveals that crude palm oil (CPO) production experienced a 5.89% rise, reaching 1.94 million tons in October, while palm oil exports also climbed to 1.47 million tons.
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Reuters’ survey data anticipated a supply of 2.56 million tons, indicating a substantial 10.82% increase for the month. The production and export figures were predicted to be 1.88 million tons and 1.29 million tons, respectively.
Traders in Kuala Lumpur mentioned that the supply could hit the peak by the late of October because the production could decrease in November because the rainy season that would have something to do with harvest.
“In November 2023, the stock could be decreasing. This could postpone CPO to get cheaper than 3.500 ringgit,” a trader said as quoted from Reuters.
Marcello Cultrera from Apricus in Singapore noted that palm oil demands would significantly be increasing between 100.000 to 170.000 tons from the previous prediction. (T2)
