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MALAYSIAN PALM OIL JANUARY STOCKS FELL 6 MONTHS LOW - vyaparsampark.com
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Malysia’s January palm oil stocks fell to 6 months low of 2.02 million tons, which is below the expectation of 2.09 million tons according to Malaysian Palm oil Board. Malyasian palm oil inventories expected to full below 2 million tons by the end of this month on lower production and exports. January’s annualised stock/usage ratio is just above the 15 years average of 10% and new it is at 10.3%. According may bank Investment Bank Bhd, CPO prices may
go above RM 4200 per ton in coming months. Prices expected to come down by mid of 2024 in anticipation of recovery in production and availability of rival edible oils. Crude palm oil production dropped by 9.59% in January to 1.4 million tons and palm oil exports lower by 0.85% from the previous month to 1.35 million tons according to MPOB.