Palm Oil Stockpiles in Malaysia at 10-Month Low Seen Positive
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Palm oil stockpiles in Malaysia, the world’s second-largest producer, fell the most in more than two years to a 10-month low in April as exports outpaced production, according to official data.
Inventories dropped 11 percent to 1.93 million metric tons last month from 2.17 million tons in March, the lowest level since June, the Malaysian Palm Oil Board said today. This was less than the median estimate of 2.06 million tons in a Bloomberg survey. Output climbed 3.1 percent to 1.37 million tons, while exports dropped 5.6 percent to 1.45 million tons, the board said.