Indonesian palm reserves advanced to an eighth-month high
Published By : 18 Jun 2014 | Published By : QYRESEARCH
It is reported that the Indonesian palm reserves have climbed to its eight-month high in the month of May, while the shipments coming from the world’s largest producer ranked as second lowest since September in the year 2012.
The stockpiles have expanded from 10 percent from the month of April and have now become 2.2 million metric tons. These are the highest since April in relation to the median of estimates from 6 planters. The production has declined by 2 percent to 2.3 million tons, according to a survey. Also, the exports were reported to be 1.48 million tons after April’s 1.38 million tons.
In Kuala Lumpur there was a retreat from the 18 month high in March, and it was speculated that the global cooking oil supply will increase even if there exists a record of soybean crop in the U.S. which is the biggest grower. In Chicago, the soybean oil dropped by 13 percent from this year’s high which resulted in narrowing of its premium over the palm oil. India is the top palm oil consumer, but fell in May as more traders focused on buying sunflower and soybean oil.
According to the Chairman of the Indonesian Palm Oil Board, India has purchased massive amount of sunflower oil probably from Ukraine which has resulted in declined palm imports. Imports by India declined by 14 percent which is 647,756 tons in the month of May from the previous year, according to a statement by the Solvent Extractor’s Association of India.