Local palm oil stocks hit a new record at 2.63 million tonnes at end-December 2012, contrary to market expectation that stocks would be reduced following Malaysia’s decision to lower its crude palm oil (CPO) export duty regime to between 4.5% and 8.5% from 23% previously.
Stocks which have been above the two million-tonne mark for the past four months, went up by 2.4% or 61,785 tonnes in December versus 2.56 million tonnes in November.
Export fell to 1.65 million tonnes in December from 1.66 million tonnes a month earlier, said the Malaysian Palm Oil Board (MPOB) in its latest palm oil statistics report yesterday.
Click here to read the full story.
Thanks for reading to the end of this story!
We would be grateful if you would consider joining as a member of The EB Circle. This helps to keep our stories and resources free for all, and it also supports independent journalism dedicated to sustainable development. For a small donation of S$60 a year, your help would make such a big difference.