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Informist, Friday, Jan. 10, 2025

 

--Malaysia palm oil board: Dec CPO output down 8.3% on month at 1.49 mln tn 

--Malaysia palm oil board: Dec CPO exports 1.34 mln tn, down 9.9% on month 

--Malaysia palm oil board: Dec-end palm oil stock 1.71 mln tn, dn 6.9% on mo 

 

MUMBAI – Production of crude palm oil in Malaysia fell 8.3% on month to 1.49 million tonnes in December, according to preliminary data from the Malaysian Palm Oil Board released Friday. The month-end palm oil stocks and exports also fell in December, the data showed. In December, Malaysia's palm oil exports fell 9.9% on month to 1.34 million tonnes and stocks fell 6.9% to 1.71 million tonnes, the data showed. Palm oil inventories slipped in December for the third consecutive month, according to financial news organisation The Edge Malaysia. 

 

A Reuters poll had forecast stocks in December at 1.76 million tonnes, output at 1.48 million tonnes, and exports at 1.38 million tonnes. Malaysia is the world's second-largest producer of crude palm oil, and India is the largest consumer of edible oils. 

 

"Malaysia's palm oil stockpiles for December could decline to their lowest level since July due to heavy rains and floods, which may also help support prices," Dow Jones quoted AmInvestment Bank as saying in a note on Friday morning. According to media reports, the Malaysian Meteorological Department has issued a warning of heavy and continuous rain in the eastern and southern parts of the Peninsula from Jan. 9 to Jan. 13.

 

"Palm is the costliest oil around as of now," said Sunvin Group Chief Executive Officer Sandeep Bajoria. Palm oil has been at a premium over soyoil, which may lead to lower imports of palm oil to India in January, Bajoria said. Usually, palm oil remains at a discount to other oils, but falling stocks are lifting its prices, he said. 

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 zero duty, which effectively increased 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. 

 

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

 

	Commodity	December(in tn)	November(in tn)	MoM change (in %)
Production	Crude palm oil	1,486,786	1,621,294	(-)8.30
Exports	Palm oil	1,341,732	1,490,293	(-)9.97
	Biodiesel	15,231	11,744	29.69
Stocks	Crude palm oil	894,321	907,494	(-)1.45
	Processed palm oil	814,426	928,147	(-)12.25
	Total palm oil	1,708,747	1,835,641	(-)6.91

 

End

 

Reported by Anjali Lavania

Edited by Akul Nishant Akhoury

 

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