Palm oil stockpile at 9-month low | The Malaysian Insight

Palm oil stockpile at 9-month low

Malaysia's palm oil stockpile is expected to rebound after Ramadan when Indonesia lifts its export restrictions. – The Malaysian Insight file pic, April 11, 2023.

In a note today, HLIB said the contraction was contributed by Indonesia’s restrictive export policy and higher biodiesel admixture, which will likely support palm oil shipment from Malaysia. “We believe the crude palm oil price will likely remain well supported at above RM4,000 per tonne in the near term, backed by weak near-term production outlook, coupled with Indonesia’s biodiesel mandate and near-term restrictive export policies.”

Maybank Investment Bank Bhd said the steep backwardation in the CPO future price curve suggests the market is anticipating stronger output recovery from Malaysia from April onwards, and for the present supply tightness to ease once Indonesia lifts its export restrictions after Ramadan.

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