UPDATE 1-Malaysia end-Oct palm oil stocks rise on better output, weaker exports

  • 11/10/2021
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* Stockpile rise of 4% to 1.83 mln T * MPOB data in line with market expectations, largely priced-in (Adds details, quotes, table) By Mei Mei Chu KUALA LUMPUR, Nov 10 (Reuters) - Malaysia"s end-October palm oil inventories rebounded from the month before as exports sank, while production climbed to a 13-month high, data by the nation"s palm oil board showed on Wednesday. Stockpile at the world"s second largest producer expanded 4.42% from September to 1.83 million tonnes, according to the Malaysian Palm Oil Board (MPOB). MYPOMS-TPO Crude palm oil output gained 1.3% to 1.73 million tonnes, its highest since September 2020. MYPOMP-CPOTT Production remains below pre-pandemic levels, however, and stockpiles are 16.8% below the 10-year historical average of 2.2 million tonnes for October, said Marcello Cultrera, institutional sales manager and broker at Phillip Futures in Kuala Lumpur. Exports plunged 12.03% to 1.42 million tonnes as key importers slow purchases after a surge in shipments during the previous month. MYPOME-PO A sharp rally in the benchmark palm oil prices, which hit a record of 5,220 ringgit ($1,255.41) a tonne in mid-October have also deterred demand, traders and analysts said. "MPOB data emerged within expectation reflecting the largely priced-in bearish tone," said Sathia Varqa, co-founder of Singapore-based Palm Oil Analytics. Imports fell 32.73% to 50,540 tonnes. Following is a breakdown of the Malaysian Palm Oil Board figures and Reuters estimates for October (volumes in tonnes) : Oct 2021 Oct 2021 poll Sept 2021* Oct 2020 Output 1,725,837 1,687,000 1,703,740 1,724,559 Stocks 1,834,103 1,806,223 1,756,404 1,573,665 Exports 1,417,868 1,410,000 1,611,800 1,674,304 Imports 50,450 69,000 74,992 45,398 *indicates revised figures by the Malaysian Palm Oil Board ($1 = 4.1580 ringgit) (Reporting by Mei Mei Chu; Editing by Martin Petty)

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