Local palm oil stocks hit a new record at 2.63 million tonnes at end-December 2012, contrary to market expectation that stocks would be reduced following Malaysia’s decision to lower its crude palm oil (CPO) export duty regime to between 4.5% and 8.5% from 23% previously.
Stocks which have been above the two million-tonne mark for the past four months, went up by 2.4% or 61,785 tonnes in December versus 2.56 million tonnes in November.
Export fell to 1.65 million tonnes in December from 1.66 million tonnes a month earlier, said the Malaysian Palm Oil Board (MPOB) in its latest palm oil statistics report yesterday.
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