KUALA LUMPUR, Dec 13 (Reuters) - Malaysia's November palm oil stocks fell for the second straight month as declines in production outpaced a fall in exports, industry regulator Malaysian Palm Oil Board said on Tuesday.
Stocks in the world's No.2 producer of the vegetable oil fell 1.5 percent to 2.07 million tonnes from October, lower than market expectations for a 6.7 percent drop and allaying concerns that supply tightness was imminent.
November output tumbled 14.8 percent to 1.62 million tonnes thanks to a seasonal decline in yields and monsoon rains disrupting harvesting rounds in estates in oil palm-growing regions of Johor in mainland Malaysia and Sabah state in Borneo island.
Planters and traders expect Malaysian production to post another double-digit decline this month as the La Nina weather episode develops and potentially worsens monsoon rains in top palm oil producers in Southeast Asia.
0 comments:
Posting Komentar