
KUALA LUMPUR (Nov 10): Malaysia's palm oil stocks reached a new peak in October, after another record month of output more than offset the rebound in exports, data from the industry regulator showed on Tuesday.
Palm oil inventories reached 3.62 million tonnes, 3.15% higher than the previous record of 3.51 million tonnes in September and rising for a seventh consecutive month, the Malaysian Palm Oil Board said.
Crude palm oil production gained 1.74% to 2.15 million tonnes, surpassing September's record high of 2.12 million tonnes, a fifth consecutive monthly increase, the data showed.
Palm oil exports, meanwhile, surged 55.8% to 1.71 million tonnes, snapping two straight monthly declines and reaching their highest level in a year.
A Reuters survey had forecast inventories at 3.75 million tonnes, with output seen at 2.2 million tonnes and exports at 1.6 million tonnes.
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