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MY's palm oil inventories surge to over 2million tonnes in April

Source: Xinhua    Time:2020-05-14 08:31:16
Malaysia's palm oil stocks jumped 18.26 percent month on month to 2.05 million tonnes in April on higher production and lesser demand, official data showed Tuesday.

According to the Malaysian Palm Oil Board (MPOB) data, the world's second largest palm oil producer saw its production jumped 18.28 percent month on month to 1.65 million tonnes.


Meanwhile, palm oil shipment rose only 4.38 percent from March to 1.24 million tonnes.

MPOB data also showed that Malaysia's crude palm oil (CPO) prices stood at 2037 ringgit (about 460.17 U.S. dollars) as of May 11.

Maybank IB Research said in a recent note that its base case CPO average price assumption was 2300 ringgit this year.

Source: Xinhua

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