*
End-Jan stocks rise 3.26% m/m to 2.27 mln tonnes
*
Imports jumped two-fold, more than expected
*
Uncertainties over Indonesian supply stokes volatility
(Updates with quotes, milestone)
By Mei Mei Chu
KUALA LUMPUR, Feb 10 (Reuters) - Malaysia's palm oil
inventories at the end of January rose for the first time in
three months, as a surge in imports helped cushion a fall in
production and exports, data from the nation's palm oil board
showed on Friday.
Stockpiles in the world's second-largest producer expanded
3.26% from the previous month to 2.27 million tonnes, according
to the Malaysian Palm Oil Board (MPOB). Crude palm oil output slumped 14.73% from December to 1.38
million tonnes, the lowest level in 11 months. This was the third consecutive monthly fall in output,
hurt by year-end tropical monsoons and floods that disrupted
harvesting activities and supply lines.
Heavy rains have continued to slam parts of Malaysia in
February so far, raising concerns of continued supply
disruptions even as top producer Indonesia seek to further limit
its exports ahead of Islamic holidays.
Meanwhile, exports from Malaysia tumbled nearly 23% to 1.14 million tonnes, the lowest since April, in line with cargo surveyor data showing a decline in shipments to key markets India and China.
Imports swelled more than two times to 144,937 tonnes. In February, Malaysia's exports are expected to show a sound
recovery due to tightness in Indonesian export availability,
said Anilkumar Bagani, research head of Mumbai-based vegetable
oils broker Sunvin Group.
But uncertainties about Indonesia's export rules, as
Jakarta reviews its exports quota ratio, will keep markets very
volatile, said Sandeep Singh, director of The Farm Trade, a
Kuala Lumpur-based consulting and trading firm.
Following is a breakdown of the MPOB figures and Reuters estimates for January (volumes in tonnes) :
Jan 2023 Jan 2023 poll Dec 2022* Jan 2022
Output 1,380,410 1,390,000 1,618,833 1,253,577
Stocks 2,268,198 2,180,301 2,196,574 1,551,151
Exports 1,135,498 1,150,000 1,473,846 1,159,576
Imports 144,937 51,000 64,911 70,596
*indicates revised figures by the Malaysian Palm Oil Board
(Reporting by Mei Mei Chu; Editing by Ed Davies, Kanupriya
Kapoor)
