Malaysia end-April palm oil stockpile seen up after five months of falls

　　pStockpile was seen climbing 5.2 from the previous month to 1.55 million tonnes, its highest since January, according to the median estimate of eight planters, traders and analysts polled by Reuters.p

　　pOutput in the worlds secondlargest producer was pegged 4.9 higher at a fivemonth peak of 1.48 million tonnes. p

　　pExports likely fell 5.6 to 1.2 million tonnes, while imports were seen nearly 12 higher at 95,000 tonnes.p

　　pMeanwhile, cargo surveyors have estimated a steeper decline of between 13.6 and 16 in exports as key buyers China, India, and Europe slowed purchases amid soaring prices.p

　　p“Indonesias policy will be extremely critical for the month of May,” said Ronny Lau, a trader with Singaporebased commodities trading firm Four Bung.p

　　pExport demand for Malaysian palm oil is set to rise after top producer Indonesia last month temporarily banned shipments in a bid to tame soaring cooking oil prices.p

　　pThe policy will lead to increasing foreign demand switching over to Malaysia and Thailand, said Marcello Cultrera, an independent broker in Kuala Lumpur. p

　　pExports from Indonesia will fall by 1.3 million tonnes to 1.5 million tonnes, leading to higher inventories in May, Cultrera said.p

　　pHowever, traders and analysts said the ban, which came into force on April 28 and pushed benchmark prices to a record closing high, will only last for a few weeks as Indonesia relies on export taxes to fund its biodiesel programme.p

　　pThe Malaysian Palm Oil Board will release its data on May 10.p

　　pBreakdown of April estimates in tonnes: p

　　p Range Median p

　　p Production 1,400,0001,538,224 1,480,000 p

　　p Exports 900,0001,391,900 1,195,000 p

　　p Imports 50,000120,000 95,000 p

　　p Closing stocks 1,467,0001,754,586 1,550,000 p

　　p Official stocks of 1,472,810 tonnes in March plus the above estimated output and imports yield a total April supply of 3,047,810 tonnes. Based on the median of exports and closing stocks estimate, Malaysias domestic consumption in April is estimated to be 302,810 tonnes.p