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PLANTATION
$KMLOONG / 5027 (KIM LOONG RESOURCES BERHAD) $UMCCA / 2593 (UNITED MALACCA BERHAD)
Research by TA
Underweight

“Stockpile Dipped Below 2mn Tonnes”

The palm oil stockpile reported by the Malaysia Palm Oil Board (MPOB) fell below the 2mn mark in March 2024. This was the second time it came less than 2mn tonnes since August 2023, marking its lowest level in eight months. The stockpile, amounting to 1.71mn tonnes (-10.7% MoM), fell below the consensus estimate of 1.76mn to 1.79mn tonnes. The drop was mainly due to higher exports (+28.6% MoM) and lower imports (-32.7% MoM). Production increased by 10.6% MoM (+8.1% YoY) to 1.39mn tonnes, slightly surpassing the consensus forecast of 1.36 to 1.38mn tonnes. Finally, the domestic usage decreased by 32.7% MoM to 21.9 thousand tonnes. Overall, we view the MPOB data as bullish for the market.

Analyst(s):
Angeline Chin
angelinechin@ta.com.my

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