KUALA LUMPUR, June 13 (Xinhua) -- Malaysia, the world's second largest palm oil producer, saw storage in May fall 2.64 percent month-on-month to 1.56 million tonnes as exports rose, the Malaysian Palm Oil Board (MPOB) said in a statement Tuesday.
According to the statement, Malaysian total crude palm oil (CPO) production in May stood at 1.65 million tonnes, a 6.88 percent higher compared with the previous month. CPO stocks dropped 8.43 percent month-on-month to 789,289 tonnes, while processed palm oil stocks increased by 4.12 percent to 768,330 tonnes.
Meanwhile, palm oil export surged 17.33 percent month-on-month to 1.51 million tonnes.
Analysts expect palm oil prices to stay weak in the second half, as they foresee an uptrend for palm oil inventories.
