Palm oil Stocks Slumps 6.56% In Feb ; MPOB

COMMODITIES(B-Trams):

KAULA LUMPUR: Malaysia’s total palm oil stocks dropped by 6.56 per cent to 2.11 million tonnes in February 2023 from 2.26 million tonnes recorded in the preceding month, said the Malaysian Palm Oil Board (MPOB).

In a statement today, MPOB said crude palm oil (CPO) stocks decreased by 7.69 per cent to 1.16 million tonnes in February from 1.25 million tonnes in January, while processed palm oil stocks lost 5.15 per cent to 959,451 tonnes from 1.01 million tonnes previously.

It said CPO production depreciated 9.35 per cent to 1.25 million tonnes in February from 1.38 million tonnes in January, while palm kernel output was 7.10 per cent lower at 316,196 tonnes from 340,369 tonnes.

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“Palm oil exports also eased 1.99 per cent in February to 1.11 million tonnes from 1.13 million tonnes in January, while exports of oleo-chemicals rose 8.13 per cent to 228,088 tonnes compared to 210,936 tonnes,” it said.

MPOB said biodiesel exports in the month under review increased 3.23 per cent to 14,699 tonnes from 14,239 tonnes in the preceding month, while exports of palm kernel cake added 4.04 per cent to 210,612 tonnes from 202,431 tonnes.

Meanwhile, it said palm kernel oil exports went down 3.57 per cent in February to 59,888 tonnes from 62,102 tonnes in the preceding month.