Improvement in production and jump in exports. Malaysia’s CPO production recovered in Mar 10, rising 8.7% yoy and 19.9% mom, while exports recorded a jump of 10.6% yoy and 7.7% mom. As a result, closing CPO stock levels fell 7.5% mom to 1.65m tonnes in Mar (from 1.79m tonnes in Feb). As a result of the lower CPO stock levels, stock/usage ratio fell back to 8.9% (from 9.6% in Feb), which is now lower than the 7-year average of 9.1%. We expect this to moderate further for another 1-2 months, as the weak seasonal production period continues and as exports pick up further on an improved economic outlook, although this should start reversing subsequently, as we approach the peak production period.
Plantation : Improvement In Production, But Jump In Exports Reduced Stock Levels Again-13/04/2010
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