Jakarta – The global demand for vegetable oils will keep increasing in the future, along with the growth of the global population. As the global population is projected to reach 10 billion in 2050, the need for vegetable oils will increase to 307 million tons per year. Farid Amir, Director of Agricultural and Forestry Product…
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The soft demand for crude palm oil (CPO) could potentially lead to higher stockpile expectations in the near future. Citing an independent cargo surveyor Amspec, Maybank Investment Bank (Maybank IB) Research and Hong Leong Investment Bank (HLIB) Research said Malaysia’s preliminary export estimates for CPO shipments in the first 10 days of June 2023 showed…
KUALA LUMPUR – Malaysian palm oil futures extended early gains on Tuesday to hit their highest closing level in two weeks, lifted by stronger crude and soyoil prices. The benchmark palm oil contract FCPOc3 for August delivery on the Bursa Malaysia Derivatives Exchange gained 73 ringgit, or 2.18%, to 3,422 ringgit ($741.66) a metric ton, its highest close…
KUALA LUMPUR – Malaysia’s end-May palm oil inventories rose for the first time in four months, after output surged to its highest level so far this year, data from the nation’s palm oil board showed on Monday. Stockpiles in the world’s second-largest producer rose 12.63% from the month before to 1.69 million metric tonnes, the Malaysian Palm…
Indonesia aims to accelerate its oil palm replanting programme to double the area it covered between 2017 and 2022 in an effort to maintain production, according to a government official. The world’s biggest palm oil producer launched a subsidised palm replanting programme for smallholders in 2017 to boost output without clearing more forested land and to help…
Following a joint trade mission to the European Union (EU), Malaysia and Indonesia criticised the European Union Deforestation Regulation (EUDR) as “inherently discriminatory and punitive in nature”. In a joint statement on Wednesday (May 31), both countries warned that the regulation would have detrimental effects on international trade and also hinder the palm oil industry’s…
The European Union is willing to work with the Council of Palm Oil Producing Countries (CPOPC) to address its concerns over the EU’s deforestation regulation, says deputy prime minister Fadillah Yusof. Fadillah, who is also the plantation and commodities minister, said the five EU leaders he met in Brussels yesterday took a serious view of…
Government, through Coordinating Economy Minister Airlangga Hartarto, voiced rejection to the European Union (EU) over palm oil discrimination through EU Deforestation-Free Regulation (EUDR) while meeting with Non-Governmental Organizations’ (NGOs’) and Civil Society Organizations’ (CSOs’) representatives. “Implementation of the EUDR will clearly hurt and harm plantation and forestry commodities that are so important to us, such…
Malaysian palm oil futures ended higher for a third straight day on Friday to log weekly gains on stronger rival oil prices and production concerns over the impact of El Nino. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange gained 61 ringgit, or 1.75%, to 3,554 ringgit ($801.35) a tonne, its…
The European regulation to combat deforestation (EUDR) is an opportunity for Indonesia. This statement is not meant provocatively. I will attempt to prove that the Indonesian government can and must transform an annoying and costly European decree into an opportunity for not only economic and social but also geopolitical development. I do not want to…
Palm oil may test a support at 3,498 ringgit per tonne, a break below could open the way towards 3,418 ringgit. The contract seems to be riding on a wave c, which carries the purpose of covering a gap forming on May 5. However, the support at 3,498 ringgit must not be ignored. The support…
Malaysian palm oil futures extended gains to a fourth consecutive session on Monday, hitting a more than two-week high, as forecasts of a sharper decline in April output triggered supply concerns. The benchmark palm oil contract FCPOc3 for July delivery on the Bursa Malaysia Derivatives Exchange gained 66 ringgit, or 1.83%, to 3,667 ringgit ($826.83) a…
Jakarta. Indonesia’s palm oil export to China and Bangladesh saw a huge jump this February, according to the industry association. The Indonesian Palm Oil Association (Gapki) recently revealed that the country’s palm oil export to China witnessed a 55-percent increase from 522,900 tons in January to 809,500 tons a month later. Indonesia shipped 154,000 tons of…
Bangladesh is set to sign a preferential trade agreement (PTA) very soon with Indonesia, the fifth biggest economy of Asia, Commerce Minister Tipu Munshi said Sunday. Indonesian Ambassador Heru Hartanto Subolo echoed the commerce minister’s optimism about the trade deal and said progress has been made in this regard during a courtesy call on at the…
Indonesia said the ramp-up toward its latest biodiesel mandate has been slow, but the country will stick to its target of producing fuel using a 35% blend of palm oil this year. The world’s top vegetable oils producer implemented the biodiesel program known as B35 in its transport sector at the start of February, raising…
Indonesia and Malaysia have donated 100 thousand germinated oil palm seedlings to help hundreds of Honduran farmers affected by the 2020 hurricanes, Coordinating Minister for Economic Affairs Airlangga Hartarto has said. “This initiative shows our commitment to collaboration and solidarity among palm oil-producing countries,” he said in a statement released on Monday. The governments of Indonesia…
By Bernadette Christina and Dewi Kurniawati JAKARTA, March 17 (Reuters) – Indonesia’s plan to channel crude palm oil (CPO) exports via a futures exchange would improve policymaking in the top producer and avoid a need for the type of export ban that sent shockwaves through global markets last year, its chief regulator said. Authorities aim…
THE Plantation and Commodities Ministry (MPIC) alongside its Indonesian counterpart will be meeting European Union (EU) representatives at the end of May to address the issue of banning the sales and export of palm oil to their bloc. According to Deputy Prime Minister and Plantation and Commodities Minister Datuk Seri Fadillah Yusof, the meeting will…
Jakarta. The B35 policy — which increases the palm-oil based biodiesel blend from 30 percent to 35 percent — could increase domestic demand for palm oil by 2 million tons, an industry executive has said. “Switching from B30 to B35 will potentially spur a 2 million ton increase in [domestic palm oil] demand,” Santosa, the chief executive…
