The Malaysia Palm Oil Board (MPOB) reported that palm oil stocks rose to 2.46 million tons at the end of October, marking the eighth consecutive month of increase and reaching a six-year high. This was due to a 10-year high in production, which offset the impact of increased exports.

The report states that Malaysian palm oil stocks rose to 2.46 million tons, marking the eighth consecutive month of increase and reaching a six-year high, while production reached a 10-year high. Although exports increased, this was completely offset by the excess supply, indicating a severe imbalance between market supply and demand and a significant increase in supply pressure. High stocks and soaring production are major bearish factors for spot prices and are expected to put downward pressure on them.

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