KUALA LUMPUR: Malaysia’s palm oil inventories slid in March, down for a third straight month and hitting a seven-month low on a surge in exports that more than offset a modest increase in output.
Falling inventories in the world’s second-largest producer of the tropical oil could support benchmark Malaysian futures , which have climbed in recent weeks after the Iran conflict drove energy prices higher.
Malaysia’s palm oil stocks tumbled 16.1% to 2.27 million metric tons in March from February, marking their lowest level since August, data from the Malaysian Palm Oil Board (MPOB) showed on Friday.
Inventories were slightly higher than expectations. Crude palm oil production increased 7.2% to 1.38 million tons, snapping a four-month run of declines.
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