Palm oil reserves have been expanding since March and high stockpiles could pressure prices of the tropical oil. Futures briefly dropped below RM4,000 a tonne in November, as demand from top importer India eased with the end of the festival season.
Exports dropped about 15% to 1.43 million tonnes, after jumping almost 19% a month earlier. The Malaysian Palm Oil Board (MPOB) will publish its monthly data on Dec 10.
Crude palm oil production in Malaysia, the world’s second-largest grower, eased 2.9% to 1.98 million tonnes, after jumping 11% in October, according to the survey.
“Peak production months are over and we are entering into the lower production months, but demand has been rather lethargic,” said Paramalingam Supramaniam, a director at brokerage Pelindung Bestari Sdn Bhd.
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Market participants are looking for confirmation on the size of Malaysian stockpiles, and anything above 2.6 million tonnes would be considered bearish, Paramalingam said.
More from the survey:
- Stockpile were estimated between 2.65 million and 2.78 million tonnes, while production was seen between 1.86 million and 2.13 million tonnes.
- Export forecasts were between 1.30 million tonnes and 1.52 million tonnes.
- Imports were seen at 40,000 tonnes, compared with 36,283 tonnes in October.
- Local consumption was between 270,000 tonnes and 490,000 tonnes.
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| November 2025 (Survey) | October 2025 (MPOB) | November 2024 (MPOB) | |
|---|---|---|---|
| Stockpiles | 2.71 | 2.46 | 1.84 |
| Production | 1.98 | 2.04 | 1.62 |
| Exports | 1.43 | 1.69 | 1.49 |
| Imports | 0.04 | 0.04 | 0.02 |
NOTE: November numbers, in million tonnes, are based on the median of 11 estimates.
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