Disappointing production, spike in exports. Malaysia’s CPO production fell in September by 2.7% mom to 1.56m tonnes, while exports rose by significant 21.2% mom to 1.47m tonnes. On a yoy basis, production was slightly higher, rising 0.3% yoy, while exports rose by a larger 10.9% yoy. Despite the significant jump in exports, the reduction in production, slightly higher imports and lower domestic use caused closing CPO stock levels to remain relatively flat at 1.708m tonnes in Sept (from 1.704m tonnes in Aug). As a result of the flat CPO stock levels, stock/usage ratio
in Sept was also relatively flat at 9.18% (from 9.12% in Aug), in line with the 7-year average of 9.1%.
Plantation Sector Update : The Contagion Effect – How Much More Can It Go?-12/10/2010
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