Palm Reserves Climbing as Production Expands for Sixth Month
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Palm oil stockpiles probably increased in August as output in Malaysia, the second-largest producer, advanced for a sixth month to the highest level this year, according to a Bloomberg survey.
Production climbed 3 percent to 1.72 million metric tons from 1.67 million tons in July, the median of six estimates from plantation companies, analysts and traders showed. That would be the highest since December, according to data from the Malaysian Palm Oil Board. Reserves expanded 3 percent to 1.71 million tons, while exports gained 6.3 percent to 1.51 million tons, the survey showed. Imports declined 20 percent to 40,000 tons, according to the median of five estimates. The board will publish the data on Sept. 10.