Malaysian palm oil futures consolidated below the MYR 6,500-per-tonne level as rising inventories, and weak export demand from Malaysia prompted some profit-taking after a massive rally that drove prices to a record closing level in late April. The latest Malaysian Palm Oil Board report showed that palm oil inventories jumped to a five-month peak of 1.64 million tonnes.
Production grew 3.6% from March to 1.46 million tonnes, the highest since November, while exports tumbled 17.7% to 1.05 million tonnes. Still, shipments from the world’s second-largest producer are expected to skyrocket in May after top producer Indonesia banned exports last month to stabilize domestic prices.
