Wednesday, December 05, 2012

Malaysian palm oil stocks likely hit another record high in November

KUALA LUMPUR, Dec 5 (Reuters) - Malaysian palm oil stocks likely hit another record high in November as exports failed to keep pace with output, a Reuters survey of five plantation firms showed on Wednesday, potentially weighing on prices. Inventory in the world's No.2 palm oil producer may have grown 2.8 percent to 2.58 million tonnes from a previous record of 2.51 million tonnes seen in October as output stayed high despite a slight weakening in yields, according to the poll. Malaysia's palm oil output in November may have dropped 5 percent to 1.84 million tonnes from a month ago as heavy rains disrupted some harvesting and yields tapered off after months of strong growth. But that was still enough to offset exports at 1.70 million tonnes, down 3.3 percent from a month ago as there was a lack of vessels to transport the tropical oil to big consumers in India, China and Europe. Imports of crude palm oil from top producer Indonesia likely surged more than two fold to 50,000 tonnes in November, from 19,102 tonnes the month before, as Malaysian refiners took advantage of lower Indonesian prices to stock up. Weblog Disclaimer : The information in this weblog has been obtained from sources believed to be reliable. Its accuracy and completeness is not guaranteed and opinions are subject to change without notice. This weblog is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect losses arising from the use of this weblog.
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Weblog Disclaimer : The information in this weblog has been obtained from sources believed to be reliable. Its accuracy and completeness is not guaranteed and opinions are subject to change without notice. This weblog is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect losses arising from the use of this weblog.

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