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Malaysia’s end-June palm stocks drop 1.9% m/m

Malaysia’s end-June palm stocks drop 1.9% m/m

KUALA LUMPUR: Malaysia’s palm oil stocks at end-June fell 1.9 percent to 1.53 million tonnes from the previous month, said industry regulator the Malaysian Palm Oil Board (MPOB) on Monday. June output declined 8.5 percent from May to 1.51 million tonnes. Exports dropped 8.4 percent to 1.38 million tonnes.

A Thomson Reuters survey had pegged inventory levels to rise slightly 0.2 percent to 1.56 million tonnes. Production was seen down 2.1 percent at 1.62 million tonnes, while exports were forecast to drop 8.2 percent to 1.38 million tonnes. The following is a breakdown of Malaysian Palm Oil Board figures and Reuters estimates for June: (volumes in tonnes) June 2017 June 2017 poll June 2016 May 2017 Output 1,514,170 1,620,000 1,532,613 1,654,494 Stocks 1,527,043 1,560,000 1,774,625 1,557,036* Exports 1,379,691 1,382,000 1,141,832 1,506,056* Imports 45,828 50,000 19,636 47,450 *denotes revised figures.