PALMOILMAGAZINE, PETALING JAYA – According to a survey conducted by Reuters, palm oil stocks in Malaysia are projected to reach approximately 1.86 million tons by the end of June 2023, reflecting a 10.5% increase compared to the previous month. This stock level has remained the highest for the past four months, coinciding with sluggish exports.
The survey, which involved 10 traders and analysts, indicated that current palm oil stocks in Malaysia are 12% higher than the stocks recorded during the same period last year, which amounted to 1.65 million tons.
Meanwhile palm oil production could be decreasing 0,8% to be 1,51 million tons. It might happen for the worry about hot temperature and drought because of El Nino that may happen for some months to go.
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But Managing Director of TransGraph Consulting, Nagaraj Meda said palm oil production could be increasing for the next couple of months because many plantations are in peak harvest in this September.
June 2023 exports would be changing in the second week by expecting to increase about 0,7% to be 1,09 million tons. (T2)
