Palm oil output in March jumped 17% from a month earlier, lifting stockpiles for the first time in six months, according to data from the Malaysian Palm Oil Board on Thursday. Crude palm production surged to 1.39 million tons, raising inventories by 3.5% from a month earlier to 1.56 million tons. Rising exports from Malaysia during the first 10 days of April gave some support to prices. Shipments rose more than 29% during April 1-10 from a month before, according to Intertek Testing Services. Demand for palm oil should improve in April as it’s now more attractively priced, an analyst said in a note. That’s as the tropical oil reversed its unusual premium to soyoil and is now back to being cheaper than the rival oil, she wrote. (Source:Bloomberg)
