Malaysia palm oil stocks up end-August, first rise in four months
A worker unloads palm oil fruit bunches at a factory in Tanjung Karang, Malaysia August 14, 2020. REUTERS file pic
Malaysia's palm oil stocks rose 0.06 per cent to 1.7 million tonnes at the end of August from the previous month, its first monthly increase since April, according to data by industry regulator the Malaysian Palm Oil Board (MPOB).
August crude palm oil output grew 3.07 per cent from the previous month to 1.86 million tonnes, MPOB said on Thursday.
Exports slumped 11.3 per cent from July to 1.58 million tonnes.
A Reuters poll had forecast stocks would expand 5.4 per cent from July to 1.79 million tonnes at the end of August.
Production likely rose 2 per cent to 1.84 million tonnes, while exports were seen down 14 per cent to 1.53 million tonnes.
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