Plantation sector: Malaysia palm oil inventory up 7% mom to 3.22mn tons, higher than expectation of 3.14mn tons in Dec'18. Despite lower output (-2.2% mom) and flat export volumes (1.38mn tons) in Dec'18, inventory increased as Malaysia imported more palm oil from Indonesia. (Bisnis Indonesia, Asian Review, S&P Global).
Comment: The trend of decreasing palm oil inventory in Indonesia while increasing in Malaysia were likely continue in Dec'18. However, we believe combined inventories in the two countries were likely decreased in Dec'18. Indonesia has not reported palm oil inventory for Dec'18.
Sumber : IPS RESEARCH
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