KUALA LUMPUR : Malaysia's palm oil inventories at the end of January likely slipped to a five-month low, as exports and production both plummeted, a Reuters survey showed on Monday.
Production plunged 14.1 per cent to 1.39 million tonnes, the lowest in nearly a year, as harvesting in the world's second-largest producer was disrupted by tropical storms and floods. Analysts said demand is expected to ramp up in the coming months as buyers stock up ahead of the Islamic holy month of Ramadan, which is capped by the Eid al-Fitr holiday. Ramadan is expected to begin on March 22.
Source: News Formal (newsformal.com)
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