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CORRECTED-PREVIEW-Malaysia Nov palm oil stockpiles seen dropping to 16-month low

05 Dec 2019

(Corrects domestic consumption figure in last paragraph) * Nov stocks seen -5.7% to 2.22 mln T - survey * Output seen -10.4% at 1.61 mln T - survey * Exports seen -5.2% to 1.56 mln T - survey * Malaysian Palm Oil Board data due Dec. 10 By Fathin Ungku SINGAPORE, Dec 5 Malaysian palm oil stockpiles likely fell to the lowest in more than a year in November, as production fell over 10% during the month, a Reuters survey showed on Thursday. Inventories in the world's second-largest palm oil producer are forecast to fall 5.7% from October to 2.22 million tonnes, according to a median estimate of nine planters, traders and analysts polled by Reuters, the lowest since July 2018. "Malaysia's palm oil stocks likely fell... due to lower output," said Ivy Ng, regional head of plantations research at CIMB Investment Bank said in a research note to clients. The poll pegged November output to fall for the second consecutive month to a 5-month low. It likely fell 10.4% in November from a month ago to 1.61 million tonnes. This would be the biggest drop since February, when it fell 11%. . Malaysia' palm oil exports in November are seen falling 5.2% to 1.56 million tonnes from October. "Palm oil exports to China grew 56% month-on-month but this was more than offset by weaker exports to Africa, India and the European Union," said Ng. However, domestic consumption outlook of the edible oil is still bullish because of a push to use more palm oil in biofuels by Malaysia and Indonesia. Implementation of biofuels mandates in Malaysia and Indonesia is expected to increase consumption of palm oil up to 1.3 million tonnes and 10 million tonnes per year, respectively, with the latter planning to reduce fossil diesel fuel consumption by 165,000 barrels per day (bpd). Palm futures have been soaring over the last few months on supply shortage worries and traded a two-year high by midday on Thursday. Leading analyst James Fry said last month that growth in palm oil production will slow in the next few years, helping reduce stockpiles and boost prices. Official palm oil data will be published by the Malaysian Palm Oil Board (MPOB) ‪after 0430 GMT on Dec. 10. Breakdown of November estimates (in tonnes): Range Median Production 1,570,000-1,760,000 1,610,000 Exports 1,420,000-1,650,000 1,557,000 Imports 50,000-100,000 80,000 Closing Stocks 2,070,000-2,294,000 2,215,000 * Official stocks of 2,348,066 tonnes in October plus the above estimated output and imports yield a total November supply of 4,038,066 tonnes. Based on the median of exports and closing stocks estimate, Malaysia's domestic consumption in November is estimated to be 300,000 tonnes. (Reporting by Fathin Ungku; editing by Uttaresh.V)

Malaysia Nov palm oil stockpiles seen dropping to 16-month low: Reuters survey

05 Dec 2019

SINGAPORE Malaysian palm oil stockpiles likely fell to the lowest in more than a year in November, as production fell over 10% during the month, a Reuters survey showed on Thursday.

Google halts political ads in Singapore as election looms - documents

04 Dec 2019

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Facebook issues corrective label on user's post under new Singapore fake news law

30 Nov 2019

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Singapore tells Facebook to correct user's post in test of 'fake news' laws

29 Nov 2019

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Singapore factory output jumps most in 11 months underlining recovery

26 Nov 2019

SINGAPORE Singapore's industrial production unexpectedly rose in October, and marked its biggest jump in nearly a year, in another sign of respite for the Asian bellwether economy.

UPDATE 1-Singapore factory output jumps most in 11 months underlining recovery

26 Nov 2019

SINGAPORE, Nov 26 Singapore's industrial production unexpectedly rose in October, and marked its biggest jump in nearly a year, in another sign of respite for the Asian bellwether economy.

Singapore upgrades third quarter GDP as manufacturing gloom retreats

21 Nov 2019

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Indonesia's freeze on palm oil plantation permits lacks transparency: industry watchdog

06 Nov 2019

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PREVIEW-Malaysia palm oil stockpiles forecast to rise 2.8% in October

06 Nov 2019

* Oct stocks seen rising 2.8% to 2.52 mln T - survey * Output seen 2% higher at 1.88 mln T - survey * Exports seen up 13.1% to 1.59 mln T - survey * Malaysian Palm Oil Board data due Nov. 11 By Fathin Ungku BANGKOK, Nov 6 Malaysian palm oil stockpiles likely rose in October as production increased to its highest in a year, even as export demand surged for the edible oil, a Reuters survey showed. Inventories during October in the world's second-largest palm oil producer are forecast to rise 2.8% from September to a seven-month high of 2.52 million tonnes, according to a median estimate of seven planters, traders and analysts polled by Reuters. Stockpiles were largely expected to rise even as exports jumped 13.1% to 1.59 million tonnes due to higher demand from China because of a seasonal climb in output. "The strong month-on-month exports were boosted mainly by a 48% month-on-month rise in exports to China, which more than offset the 37% month drop in exports to India," said Ivy Ng, regional head of plantations research at CIMB Investment Bank said in a research note to clients. "The strong demand from China could be due to buying ahead of CNY festivities and lower domestic soybean oil supplies," Ng added. Palm oil exports to India, the world's biggest edible oils exporter, fell in October due to a boycott of Malaysian palm oil by Indian buyers over critical comments by the Malaysian Prime Minister on India's actions in Kashmir. But the consumption outlook of the edible oil is still bullish because of a push to use more palm oil in biofuels by Malaysia and Indonesia. Malaysia said last month that implementation of biofuels mandates in Malaysia and Indonesia will increase consumption of palm oil up to 1.3 million tonnes and 10 million tonnes per year, respectively. Malaysian palm oil output likely rose in line with seasonal trends, contributing to the gain in inventories and marking a fourth straight month of production gains. The poll pegged October production at 1.88 million tonnes, up 2% from the previous month and the highest in a year. . Official palm oil data will be published by the Malaysian Palm Oil Board ‪after 0430 GMT on Nov. 11. Breakdown of September estimates (in tonnes): Range Median Production 1,700,000 - 1,918,000 1,879,282 Exports 1,340,000 - 1,610,000 1,594,000 Imports 48,000 - 120,000 52,000 Closing Stocks 2,450,000- 2,780,000 2,516,000 (Reporting by Fathin Ungku; Editing by Christian Schmollinger)

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