Malaysia's palm oil stocks at 5-month high

Malaysia's palm oil stocks are estimated to have risen to a five-month high in late July, according to a Reuters poll. Higher production exceeds export possibilities.
Rising stocks are putting pressure on the prices of palm oil futures. They dropped to a three-year low on July 25th. Today, however, they rise 0.8% on the second trading day in a row.
Inventories in Malaysia, after Indonesia's second-largest palm oil producer in the world, are up 7% month-on-month, if those surveyed are right, to 2.34 million tonnes. This is the highest level since February.
The main reason is a strong production increase. In July, there were more working days than in July when there was a big religious holiday. In July, exports also rose 0.9% to 1.14 million tonnes, after three months less exports.
The official palm oil figures will be released on August 10 by the Malaysian Palm Oil Board.
Traders recently noted that Malaysia's palm oil was not competitive with Indonesian sources.He believes that the demand for palm oil will increase in the medium term because the largest importers in India and China are interested in the tropical oil.
India buys to replenish its supplies used to produce biodiesel, which is then sold to China.

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