KUALA LUMPUR, Feb. 12 (Xinhua) -- Malaysia's palm oil stock dropped by 7.55 percent to 1.58 million tons in January from December last year, official data showed recently.
According to the Malaysian Palm Oil Board (MPOB), crude palm oil (CPO) production for the month fell 16.80 percent month-on-month to 1.24 million tons.
Meanwhile, Malaysia's palm oil export declined by 12.94 percent month-on-month to 1.17 million tons.
Malaysia's palm oil imports, on the other hand, surged by 133.34 percent month-on-month to 88,474 tons.
Looking ahead, MIDF Research opined that biological tree rest and a slower-than-expected recovery in output will persist, with local production projected to grow marginally by only 1 percent year-on-year to 19.5 million tons in 2025.
According to the research house, the continuation of the current La Nina phenomenon and the Northeast Monsoon could further hinder crop productivity.
Moving into February, the MIDF anticipates that the current CPO prices will remain stable, driven by restocking activities in preparation for pre-Ramadan demand, amidst slower palm oil output and lower closing stock. ■
