Malaysian CPO stocks continue to rise in March 2021

LUMPUR: Malaysian crude palm oil (CPO) stocks continued to increase in March 2021, growing 12.37 per cent to 742,742 tonnes from 660,987 tonnes the month before, according to the Malaysian Palm Oil Board (MPOB).

Processed palm oil stocks also improved 9.02 per cent monthon-month (m-o-m) to 703,228 tonnes from 645,035 tonnes, the agency said in its palm oil industry performance report for March.

Overall, total palm oil stocks rose 10.72 per cent 1.45 million tonnes from 1.31 million tonnes previously.

MPOB noted that CPO production expanded 28.43 per cent to 1.42 million tonnes versus 1.11 million tonnes in February.

It said palm kernel output was 31.89 per cent higher at 359,134 tonnes versus 272,303 tonnes in the preceding month while crude palm kernel oil stocks went up 33.21 per cent m-o-m to 164,292 tonnes from 123,336 tonnes previously.

Meanwhile, it said palm oil exports in March rose 31.83 per cent to 1.18 million tonnes from 896,647 tonnes in February and palm kernel oil exports increased 45.71 per cent m-o-m to 94,073 tonnes from 64,561 tonnes in the preceding month.

MPOB said oleochemical exports increased 2.3 per cent mo-m to 261,219 tonnes from 255,356 tonnes, while biodiesel exports in the month under review dropped 50.94 per cent m-o-m to 13,839 tonnes from 28,206 tonnes previously.

It said CPO imports fell sharply by 31.34 per cent to 4,903 tonnes against 7,140 tonnes and total palm oil imports was 57.26 per cent higher at 137,332 tonnes from 87,326 tonnes in February.