Mumbai, 10 Dec (Commoditiescontrol): Malaysia's palm oil industry witnessed a significant decline in key metrics during November 2024, as stocks, production, and exports all fell sharply, according to data released by the Malaysian Palm Oil Board (MPOB).
Palm oil stocks at the end of November decreased by 2.6% from the previous month, reaching 1.84 million metric tons. Crude palm oil (CPO) production saw a steep drop of 9.8% to 1.62 million tons, signaling weaker output due to seasonal factors and potentially challenging weather conditions. Processed palm oil (PPO) stocks also recorded a slight dip of 1.38%, reflecting subdued market dynamics.
Exports suffered the most significant blow, plunging by 14.7% to 1.49 million tons. This steep fall highlights weaker demand in key importing nations, exacerbated by heightened global competition and a challenging economic environment. Meanwhile, palm oil imports rose dramatically by 35.08% to 22,081 metric tons, reflecting Malaysia’s need to balance domestic supply.
Kernel-related figures were also under pressure, with palm kernel oil (PKO) stocks declining by 8.32%. The average price of fresh fruit bunches (FFB) at 1% oil extraction rate jumped by 18.05% to RM55.52, offering some relief to producers amid falling production volumes.
The broader outlook for Malaysia’s palm oil sector remains mixed. The sharp decline in exports is likely to weigh on near-term revenues, while declining stocks signal limited supply. Rising imports indicate efforts to stabilize the market, but they may further pressure domestic pricing dynamics.
Looking ahead, the market will closely monitor global demand trends and production recovery as the country navigates these challenges. Seasonal factors and weather patterns will play a critical role in determining palm oil’s trajectory in the months to come.
(By Commoditiescontrol Bureau: 09820130172)
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