Xinhua, Kuala Lumpur :
Malaysia’s palm oil stockpiles fell 0.5 percent to 2.17 million tonnes in May from the previous month, official data showed Monday.
According to the palm oil industry regulator Malaysian Palm Oil Board (MPOB) data, the production in May also declined by 2.1 percent month-on-month to 1.53 million tonnes.
Meanwhile, palm oil exports dropped 15.65 percent month-on-month to 1.29 million tonnes.
In a report Monday, UOB Kayhian said, continuing high inventory of palm oil will continue to limit the crude palm oil (CPO) prices upside.
The research house however noted, the CPO price weakness since February last year could have factored in concerns over the increase in fresh fruit bunches production.
Therefore, it maintained its forecast on CPO at 2,400 ringgit (602 U.S. dollars) per tonne as it foresaw the palm oil to trend as low as 2,250 ringgit per tonne once production picks up in the second half.
Malaysia’s palm oil stockpiles fell 0.5 percent to 2.17 million tonnes in May from the previous month, official data showed Monday.
According to the palm oil industry regulator Malaysian Palm Oil Board (MPOB) data, the production in May also declined by 2.1 percent month-on-month to 1.53 million tonnes.
Meanwhile, palm oil exports dropped 15.65 percent month-on-month to 1.29 million tonnes.
In a report Monday, UOB Kayhian said, continuing high inventory of palm oil will continue to limit the crude palm oil (CPO) prices upside.
The research house however noted, the CPO price weakness since February last year could have factored in concerns over the increase in fresh fruit bunches production.
Therefore, it maintained its forecast on CPO at 2,400 ringgit (602 U.S. dollars) per tonne as it foresaw the palm oil to trend as low as 2,250 ringgit per tonne once production picks up in the second half.
