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Informist, Thursday, Oct. 10, 2024

 

--Malaysia palm oil board: Sept CPO output down 3.8% on mo at 1.82 mln tn 

--Malaysia palm oil board: Sept palm oil export 1.54 mln tn, up 1% MoM 

--Malaysia palm oil board: Sept-end palm oil stock up 7% MoM at 2.01 mln tn

 

NEW DELHI – Production of crude palm oil in Malaysia fell 3.8% on month to 1.82 million tonnes in September, according to preliminary data from the Malaysian Palm Oil Board. However, month-end palm oil stocks and exports increased in September, the data showed. 

 

In September, Malaysia's palm oil exports rose 1% on month to 1.54 million tonnes, and stocks increased 7% to 2.01 million tonnes, the data showed. "Stocks rose more than expected in September to hit an eight-month-high, as a sharp fall in local consumption outweighed an increase in exports and reduced production," leading financial news organisation The Edge Malaysia said Thursday. 

 

A Reuters poll had forecast stocks in September at 1.95 million tonnes, the output at 1.87 million tonnes, and exports at 1.5 million tonnes. Malaysia is the world's second-largest producer of crude palm oil, and India is the largest consumer of edible oils. 

 

On Wednesday, Malaysian Palm Oil Council Chairman Dato Carl Bek Nielsen had said the country remains optimistic about palm oil exports to India despite the recent import duty hike, the Press Trust of India reported. Nielsen also said the council was "not worried" about the tariff changes, as other countries would want to buy Malaysian palm oil if shipments to India declined, the news agency added. 

 

To check excess edible oil imports, India on Sept. 14 increased the basic customs duty on crude varieties of palm oil, soyoil, and sunflower oil to 20% from 0%, which effectively increases the total import duty on these oils to 27.5% from 5.5%. The increase in import duties came after more than two years.

 

Meanwhile, to promote domestic oilseed cultivation, India on Oct.3 allocated INR 101 billion for the National Edible Oil Mission to make India self-sufficient in edible oils. 

 

Asked about India's push for domestic oilseed cultivation, Nielsen said, "I don't see it as a problem", as India's growing population and rising affluence levels would potentially increase demand for cooking oil, the agency reported. 

 

The following table details Malaysia's palm oil output, exports, and stocks for September compared with the previous month:

 

	Commodity	September(in tn)	August (in tn)	MoM change (in %)
Production	Crude palm oil	1,821,933	1,893,859	(-)3.8
Exports	Palm oil	1,542,805	1,528,632	1
	Biodiesel	16,793	29,963	(-)44
Stocks	Crude palm oil	1,057,111	953,145	11
	Processed palm oil	956,726	930,183	2.8
	Total palm oil	2,013,837	1,883,328	7

 

End

 

Reported by Afra Abubacker

Edited by Avishek Dutta

 

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