Malaysia’s September palm oil inventories rose 24.5% to a record 3.51 million tonnes
Updated
Summary
The Malaysian Palm Oil Board’s September data showed inventories increased 24.5% to a record 3.51 million tonnes, extending a six-month rise.
Why it matters
September output climbed 16.5% to 2.12 million tonnes, its highest level since August 2015, while exports fell 12.1% to 1.12 million tonnes for a second consecutive monthly decline.
Later indicators pointed to stronger near-term buying: Intertek estimated shipments surged 33.5% in the first ten days of October compared with the same period in September. In India, refiners reportedly booked around 150,000 tonnes over three days last week, amid tight sunflower oil supplies ahead of November festive demand.
What remains uncertain
Traders were awaiting China’s inflation and trade figures later in the week for additional demand signals.