Malaysia's palm oil stocks fell to their lowest in six months at the end of January as production plunged to the lowest level in nine months amid steady exports, the industry regulator has said.
Kuala Lumpur (VNA) – Malaysia's palm oil stocksfell to their lowest in six months at the end of January as production plungedto the lowest level in nine months amid steady exports, the industry regulatorhas said.
The reduction in stocks of the world's second-largest palm oilproducer after Indonesia would help in supporting benchmark futures, which lost10% in 2023.
Data from the Malaysian Palm Oil Board (MPOB) showed that palmoil stocks at the end of January fell 11.83% from the previous month to 2.02million tonnes, the lowest since July.
According to the MPOB, crude palm oil production declined 9.59%from last December to 1.40 million tonnes in January, the lowest since last April, while exports dropped 0.85% to 1.35 million tonnes.
Last week, oil palm industry officials said a recovery in palmoil prices can be limited by abundant supplies of soybean and sunflower oils.
However, Malaysian palm oil prices recorded a decline onFebruary 13 due to weak demand from top importer India.
꧅ India, the world's largest importer of vegetable oil, reduced imports in January by more than 12% compared to last December to the lowestlevel in the past three months due to negative crude palm oil refining profitmargins which caused refineries to switch to using soybean oil./.
The governments of Malaysia and Indonesia will hold a meeting to discuss issues related to crude palm oil (CPO) benchmark price, according to Malaysian Deputy Prime Minister and Plantation and Commodities Minister Fadillah Yusof.
Indonesia and Malaysia have agreed to protect their palm oil sector and counter discrimination and unilateral policies affecting the commodity and harming the two countries' interests, Indonesian Coordinating Minister for Economic Affairs Airlangga Hartarto said on February 9.
Indonesia on October 27 conducted its first commercial flight using palm oil-blended jet fuel, as the world's biggest producer of the commodity pushes for wider use of biofuels to cut fuel imports.
Indonesian authorities said on December 22 that they will fine palm oil companies operating within forest areas with a total sum of 4.8 trillion IDR (310.1 million USD).
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Illustrative photo (Photo: thestar.com.my) 
