KUALA LUMPUR. State agency the Malaysian Palm Oil Council (MPOC) on Wednesday lowered its production outlook for the world’s second largest producer and pegged prices to remain above 6,000 ringgit ($1,367.37) a tonne this year. MPOC forecast Malaysia’s 2022 production at 18.6 million tonnes, up from 18.1 million tonnes in 2021 as migrant workers are…
Agriculture and Crop Research Organization’s Agroindustry Research Center at the National Research and Innovation Agency (BRIN) created a coating solution to maintain freshness and increase shelf life of fruits by utilizing palm oil derivative products. “This palm oil-based coating solution is safe to consume and is included within the edible coating category,” BRIN’s Agroindustry Research…
Jakarta – The State-Owned Enterprises (SOEs) Ministry targets to distribute cooking oil commodities at a price of Rp14,000 per liter to 5,000 locations across Indonesia. “In May 2022, we are targeting to reach 5,000 locations nationally, as a form of synergy among the SOEs Ministry, Trade Ministry, and other relevant ministries as well as cooking…
Jakarta – The South Sumatra provincial government has announced that the quota for bulk cooking oil in the province has been increased from 7,300 tons per month in April 2022 to 14,600 tons per month. The quota has been increased based on the instructions of the central government, head of the South Sumatra Trade Office,…
PETALING JAYA: A sharp price crash for crude palm oil (CPO) is unlikely to happen in the near term due to the current insufficient supply of global vegetable oils and firm international crude oil prices, say analysts. This is despite the price of CPO having fallen from its peak of RM8,077 per tonne to RM6,527…
Malaysia’s palm oil inventory grew 2.8% month-on-month (m-o-m) to 1.56 million tonnes at end-March due to higher output, estimates CGS-CIMB Research. The research house said the likely m-o-m rise in stock level was a divergent compared to historical trends in Malaysia’s March palm oil stock movements. “Our forecast for the March 2022 forecast palm oil…
PETALING JAYA: Crude palm oil (CPO) prices will likely remain elevated for a while, possibly into the end of the first half of 2022, if not longer, according to Hong Leong Investment Bank (HLIB) Research. WhileHLIB Researcht makes no changes to its CPO price projections for now, given the fluid situation, it believes that the…
KUALA LUMPUR: CGS-CIMB Research expects palm oil stocks to rise by 4.6 per cent month on month (mom) to reach 1.59 million tonnes by end-March 2022, with output and exports rising by 15 per cent and six per cent mom, respectively. The research house predicted that the crude palm oil (CPO) prices to trade at…
Indonesia, the world’s biggest palm oil producer and exporter, will push ahead with its ambitious biodiesel program even as prices of the tropical oil have soared, which could increase the costs of producing biofuel. The B30 program, which stipulates that fossil fuels must be blended with 30% palm oil, is still running as planned, said…
Refiners of edible oils in India, one of the world’s biggest consumers, face the prospect of shuttering factories because the structure of import taxes makes supplies of processed oils from overseas more attractive, according to the Indian Vegetable Oil Producers’ Association. As much as 30% of the country’s refining capacity could shift to Indonesia and Malaysia, the…
JAKARTA – The publicly listed plantation company PT Astra Agro Lestari Tbk (AALI) has planned to reach net zero emission under its long term plan which is in line with the government plan to realize the net zero emission in 2060. Santosa, President Director of Astra Agro Lestari said that internal team of Astra Agro is…
MUMBAI, Feb 13 (Reuters) – India has cut its tax on crude palm oil (CPO) imports to 5% from 7.5%, the government said in a notification, as the world’s biggest edible oil importer tries to rein in local prices of the commodity and help domestic refiners and consumers. The reduction in the tax, known as the Agriculture…
KARACHI: Pakistan is likely to import 3.6 million metric tonnes (MT) of palm oil in the current fiscal year amid increasing demand, a sector study forecast on Thursday. According to a research report by Pakistan Credit Rating Agency (PACRA) on edible oil, Pakistan is the fourth largest importer of palm oil in the world and refined…
JAKARTA: Indonesia has conducted early tests to produce gasoline made from palm oil, its energy ministry said on Tuesday (Jan 25), as it seeks to expand use of the vegetable oil in its energy sector. To absorb more of its palm oil output and slash fuel imports, the world’s biggest producer of the oil in…
The government will conduct a B40 biodiesel road test in February as it pushes ahead with its plan to use more palm oil-derived fuel in transportation. The Energy and Mineral Resources Ministry said on Monday that the test would involve numerous producers and government institutions, namely the Indonesian Automotive Industry Association, the Indonesian Biofuel Producers Association (Aprobi),…
Malaysian palm oil futures rose more than 1% on Monday, as top producer Indonesia moved ahead with plans to test biofuel with higher palm content, while forecasts of weak output in the world’s second-largest producer also lent support. The benchmark palm oil contract FCPOc3 for April delivery on the Bursa Malaysia Derivatives Exchange gained 78 ringgit,…
Palm oil will likely ease over the next six months but remain above 4,700 ringgit ($1,124) a ton as supply constraints that have pushed prices to record highs are set to persist, according to LMC International. It will take another 12 months before palm oil production in Southeast Asia recovers to end-2019 levels, Julian Conway…
The next resistance will be 5,094 ringgit, a break above which could lead to a gain to 5,155 ringgit. The fall from the Thursday high of 5,053 ringgit has been almost reversed. The reversal signals the progress of a wave 5, the fifth wave of a five-wave cycle from 4,672 ringgit. A drop to 4,685 ringgit could…
Indonesia’s crude palm oil output is expected to rise 2.6% next year to 51.01 MMT from a 2021 estimate of 49.71 MMT, according to the Estate Crop Fund. In 2022, exports are expected to increase to 27.9 MMT versus 27.08 MMT for 2021. Domestic demand is forecasted to increase to 11.4 MMT next year from…
KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is expected to trade with an upward bias next week, a dealer said. Palm oil trader David Ng said concerns about weaker output and recent robust demand would continue to lift sentiment. “We expect prices to move between RM4,500 and RM4,800 per…
