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PREVIEW-Malaysia’s April palm oil stocks seen lower as exports jump (Corrects broker’s name in paragraph 6) * April stocks seen down 0.27% m/m at 1.44 mln T – survey * Output seen up 8.9% at 1.55 mln T – survey * Exports seen up 10% at 1.3 mln T – survey * Malaysian Palm Oil Board data due on May 10 By Mei Mei Chu KUALA LUMPUR, May 5 (Reuters) – Malaysia’s palm oilstockpile in April likely inched lower despite production risingto a six-month high, hampered by robust exports and plummetingimports, a Reuters survey showed on Wednesday.Inventories were seen declining 0.27% from the month beforeto 1.44 million tonnes, according to the median estimate ofseven planters, traders and analysts polled by Reuters. Output in the world’s second-largest producer likely jumped8.9% from March to 1.55 million tonnes, marking a secondstraight month of gain and hitting its highest since October. “The Malaysian Palm Oil Board’s (MPOB) April data should beinteresting as supply rebounds with East Malaysia now movinginto a stronger production trend,” said Marcello Cultrera,institutional sales manager and broker at Phillip Futures inKuala Lumpur.Exports likely rose 10% to 1.3 million tonnes, while importswere seen down 21.4% to 108,000 tonnes. “Demand in May is likely to be impacted by lower consumptionof edible oils in India, as well as by negative palm oilprocessing margins,” Cultrera said.Coronavirus infections in India, the world’s biggest palmoil importer, surged past 20 million on Tuesday, raising demandconcerns.

The Malaysian Palm Oil Board will release the official dataon May 10.Breakdown of February estimates (in tonnes): Range Median * Official stocks of 1,445,970 tonnes in March plus the aboveestimated output and imports yield a total April supply of3,103,970 tonnes.Based on the median of exports and closingstocks estimate, Malaysia’s domestic consumption in April isestimated to be 361,970 tonnes.(Reporting by Mei Mei Chu; Editing by Subhranshu Sahu)First Published: 2021-05-05 04:10:31 Updated 2021-05-05 05:00:49
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