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* Stockpile rise of 4% to 1.83 mln T
* MPOB data in line with market expectations, largely
priced-in
(Adds details, quotes, table)
By Mei Mei Chu
KUALA LUMPUR, Nov 10 (Reuters) - Malaysia's end-October palm
oil inventories rebounded from the month before as exports sank,
while production climbed to a 13-month high, data by the
nation's palm oil board showed on Wednesday.
Stockpile at the world's second largest producer expanded
4.42% from September to 1.83 million tonnes, according to the
Malaysian Palm Oil Board (MPOB).
Crude palm oil output gained 1.3% to 1.73 million tonnes,
its highest since September 2020.
Production remains below pre-pandemic levels, however, and
stockpiles are 16.8% below the 10-year historical average of 2.2
million tonnes for October, said Marcello Cultrera,
institutional sales manager and broker at Phillip Futures in
Kuala Lumpur.
Exports plunged 12.03% to 1.42 million tonnes as key
importers slow purchases after a surge in shipments during the
previous month.
A sharp rally in the benchmark palm oil prices,
which hit a record of 5,220 ringgit ($1,255.41) a tonne in
mid-October have also deterred demand, traders and analysts
said.
"MPOB data emerged within expectation reflecting the largely
priced-in bearish tone," said Sathia Varqa, co-founder of
Singapore-based Palm Oil Analytics.
Imports fell 32.73% to 50,540 tonnes.
Following is a breakdown of the Malaysian Palm Oil Board
figures and Reuters estimates for October (volumes in tonnes)
:
Oct 2021 Oct 2021 poll Sept 2021* Oct 2020
Output 1,725,837 1,687,000 1,703,740 1,724,559
Stocks 1,834,103 1,806,223 1,756,404 1,573,665
Exports 1,417,868 1,410,000 1,611,800 1,674,304
Imports 50,450 69,000 74,992 45,398
*indicates revised figures by the Malaysian Palm Oil Board
($1 = 4.1580 ringgit)
(Reporting by Mei Mei Chu; Editing by Martin Petty)
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