Malaysia’s palm oil inventories at the end of April jumped 18.26% from the previous month to 2.05 million tonnes, industry regulator the Malaysian Palm Oil Board (MPOB) said on Tuesday.
April production rose 18.28% from March to 1.65 million tonnes.
Exports were up 4.4% from March to 1.24 million tonnes despite the coronavirus outbreak, according to MPOB data.
A Reuters poll had pegged April inventories to rise 10% from the month before to 1.91 million tonnes, its highest in four months. April production was likely to grow 15% while exports were forecast to rise 4% from March.