UPDATE 1-Malaysia end-Oct palm oil stocks rise on better output, weaker exports

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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 (Businesshala) - 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). MYPOMS-TPO 
    Crude palm oil output gained 1.3% to 1.73 million tonnes,
its highest since September 2020. MYPOMP-CPOTT
    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. MYPOME-PO
    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 Businesshala 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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