SunSirs: At the end of April, the Storage of Palm Oil in Malaysia may be Less Than 2 Million Tons
March 09 2023 15:33:04
Malaysia's Palm Oil Bureau (MPOB) said that by the end of April, Malaysia's palm oil storage could fall to less than 2 million tons, the lowest level since July 2022, because Malaysia's exports showed a growth trend after its competitor Indonesia restricted the export of palm oil.
Dr. Amad Parviz Guram Kadir, Director of the Malaysian Palm Oil Bureau (MPOB), said late Tuesday that Indonesia's export restrictions have prompted buyers to increase their purchases from Malaysia, and Malaysian palm oil exports will remain strong in the coming weeks. Malaysia's palm oil storage is also declining because of heavy rainfall limiting production.
MPOB data showed that Malaysia's inventory at the end of January was 2.27 million tons, up 3.26% month-on-month.
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