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Indonesia May Crude Palm Oil Output Seen up 4 Pct m/m -Reuters Survey
Indonesia May Crude Palm Oil Output Seen up 4 Pct m/m -Reuters Survey
* Indonesia produced 2.77 mln tonnes CPO in May -median estimate
* Output, exports seen at highest since at least August
16/06/2015 (Reuters) - Indonesian crude palm oil (CPO) output likely rose 4 percent in May to its highest level since at least August, a survey of leading industry officials showed, due to a seasonally high production month and as many plantations mature.
Indonesia produced 2.774 million tonnes of CPO in May, the median estimate in a Reuters survey of four Indonesian industry officials and plantation companies showed, versus 2.662 million tonnes in April.
"We are going through a seasonally higher production month," said Ivy Ng, analyst at CIMB Investment Bank. "It will peak in the third quarter."
Palm output is likely to remain flat to slightly higher in June as the Muslim festival of Ramadan begins, before easing in July during the holiday season that follows, Ng added.
The median estimate for Indonesian CPO exports in May also climbed to the highest level since at least August at 2.15 million tonnes, up 5 percent versus 2.046 million in April.
Top vegetable oil buyers China and India carried out restocking activities last month ahead of Ramadan, said Ng.
In related news, Indonesia, the world's top exporter of the edible oil, has delayed the implementation for its planned levy on CPO exports to July 1 from June 15.
The survey pegged Indonesian palm stocks at 2.54 million tonnes for May, compared with 2.602 million in April.
Domestic consumption was estimated to range between 500,000 and 700,000 tonnes.
The Indonesian Palm Oil Association (GAPKI) publishes monthly data provided by a professional surveyor, which showed April exports at 2.254 million tonnes.
The Reuters survey includes contributions from the Indonesian Palm Oil Board, GAPKI, the Indonesian Vegetable Oil Industry Association and PT Sinar Mas Agro Resources & Technology, one of the largest listed palm companies.
Below is a table of median Reuters CPO survey results and GAPKI palm & kernel oils export data for 2014/2015 (forecasts in million tonnes).
* Output, exports seen at highest since at least August
16/06/2015 (Reuters) - Indonesian crude palm oil (CPO) output likely rose 4 percent in May to its highest level since at least August, a survey of leading industry officials showed, due to a seasonally high production month and as many plantations mature.
Indonesia produced 2.774 million tonnes of CPO in May, the median estimate in a Reuters survey of four Indonesian industry officials and plantation companies showed, versus 2.662 million tonnes in April.
"We are going through a seasonally higher production month," said Ivy Ng, analyst at CIMB Investment Bank. "It will peak in the third quarter."
Palm output is likely to remain flat to slightly higher in June as the Muslim festival of Ramadan begins, before easing in July during the holiday season that follows, Ng added.
The median estimate for Indonesian CPO exports in May also climbed to the highest level since at least August at 2.15 million tonnes, up 5 percent versus 2.046 million in April.
Top vegetable oil buyers China and India carried out restocking activities last month ahead of Ramadan, said Ng.
In related news, Indonesia, the world's top exporter of the edible oil, has delayed the implementation for its planned levy on CPO exports to July 1 from June 15.
The survey pegged Indonesian palm stocks at 2.54 million tonnes for May, compared with 2.602 million in April.
Domestic consumption was estimated to range between 500,000 and 700,000 tonnes.
The Indonesian Palm Oil Association (GAPKI) publishes monthly data provided by a professional surveyor, which showed April exports at 2.254 million tonnes.
The Reuters survey includes contributions from the Indonesian Palm Oil Board, GAPKI, the Indonesian Vegetable Oil Industry Association and PT Sinar Mas Agro Resources & Technology, one of the largest listed palm companies.
Below is a table of median Reuters CPO survey results and GAPKI palm & kernel oils export data for 2014/2015 (forecasts in million tonnes).
Month Output Exports Inventories GAPKI export data May 2.774 2.150 2.540 ---- April 2.662 2.046 2.602 2.25 March 2.397 1.800 2.667 2.03 February 2.049 1.750 2.425 1.79 January 2.056 1.658 2.413 1.81 ---------------------------------------------------- December 2.165 1.837 2.325 1.97 November 2.306 2.100 2.225 2.26 October 2.385 1.820 2.378 2.47 September 2.675 1.750 2.500 1.70 August 2.750 1.720 2.575 1.72