Palm oil inventory further slips

Internal Trade Department revealed on Monday that the latest palm oil inventory is only 820,000 tonnes, raising the urgency to import the vegetable oil within this month.

Yanyong Phuangrach, director-general of the department, noted that the stock last week further declined from 890,000 tonnes. He said within this month, about 20,000 tonnes would be imported to ease the shortages.

Yanyong will tomorrow attend the meeting with the sub-committee to solve palm oil crisis. Then, the proposals would be forwarded to committee chaired by Commerce Minister Krirk-krai Jirapaet on the following year. The Cabinet should receive the official proposals next week.

Due to anticipated shortages, some manufacturers were accused of hoarding stocks, which sparked an unusual movement in palm oil price. Domestic price is now Bt36-Bt37 per kg, against Bt32 per kg overseas.

- The Nation

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Palm oil inventory further slips

Internal Trade Department revealed on Monday that the latest palm oil inventory is only 820,000 tonnes, raising the urgency to import the vegetable oil within this month.

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