Malaysia’s palm oil shares up 1.three pct in February

KUALA LUMPUR, March 11 (Xinhua) — Malaysia’s palm oil stockpiles in February rose 1.34 percent month-on-month to 3.05 million tonnes, official data showed Monday.

Malaysian Palm Oil Board data showed that the palm oil inventory in February was still marginally higher than that of January despite the palm oil production fell 11.1 percent month-on-month to 1.54 million tonnes.

Meanwhile, palm oil exports in February remained lackluster, slumping 21.38 percent month-on-month to 1.32 million tonnes.

The rising stocks and weak exports data are expected to continue to drag palm oil prices, which stood at 1,925 ringgit (471 U.S. dollars) per tonne as of last Friday.