Indonesia’s Central Statistics Agency (BPS) recorded export value in August 2022 at US$ 27.91 billion, a 30.15 percent year on year (yoy) increase. BPS deputy for distribution and service statistics Setianto said that the exports value and volume of oil and gas products, particularly oil, rose by 64.46 percent and 79.7 percent, respectively. “Because there…
Earnings of plantation companies have likely peaked in the second quarter of 2022 (2Q22) as the average crude palm oil (CPO) price of RM4,116 per tonne in July-August is more than one-third lower compared with 2Q22. CGS-CIMB Research said CPO prices could weaken due to higher Indonesian palm oil exports following the recent extension of…
Palm oil futures advanced on Monday as investors focused on stronger early September exports, a weaker Ringgit and rising crude prices, with a jump in stocks capping gains. The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange gained 88 ringgit, or 2.45%, to 3,682 ringgit ($817.77) a tonne, its biggest daily rise…
Jakarta (ANTARA) – Indonesian Coordinating Minister for Economic Affairs Airlangga Hartarto received Japanese Minister of Energy, Trade and Industry Nishimura Yasutoshi and they discussed trade and investment cooperation, Indo-Pacific Economic Framework (IPEF), and G20 Summit. Through the Indonesia-Japan Economic Partnership Agreement (IJ-EPA), the two countries have made many achievements in their cooperation and renewed cooperation…
Malaysia’s benchmark palm oil futures extended gains to a second session on Monday, helped by stronger vegetable oils, a weaker ringgit, and supportive export data. The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange rose 1.71% to 4,218 ringgit ($941.52) a tonne by the end of the afternoon session. It gained…
The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is expected to trend downward next week on profit-taking activities. Interband Group of Companies senior palm oil trader Jim Teh said the price movement next week is expected to confine between RM3,200 and RM3,700 per tonne. “The lower forecast is mainly due to July’s…
Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives closed marginally higher on Wednesday (Aug 17), in line with gains in soybean oil prices, a dealer said. Palm oil trader David Ng said higher soybean oil futures in the Chicago Board of Trade (CBOT), coupled with improving crude oil prices, supported local CPO futures.…
Malaysia, the world’s second-largest palm oil producer, has maintained its September crude palm oil (CPO) export duty at 8 percent, the Malaysian Palm Oil Board circular showed on Wednesday. However, it lowered the CPO reference price in September to 3,907.51 ringgit (about 875 U.S. dollars) from 5,257.91 ringgit (about 1,177 dollars) per tonne in August. Based…
RBD palmolein imports increased to 11.44 lt in the first nine months of the oil year 2021-22 (November to October) from 43,271 tonnes the previous year. He stated that the import of RBD palmolein during the first nine months of the oil year 2021-22 is primarily due to Indonesia’s high CPO export levy and lower…
The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is likely to trend higher next week on the expectation of higher palm oil export estimates by cargo surveyors, said a dealer. “We expect next week’s market to trade with an upward bias with the commodity’s price expected to trade between RM4,000 and RM4,600…
The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is likely to trend lower next week on profit-taking activities. Interband Group of Companies senior palm oil trader Jim Teh said stocks are expected to remain high in Malaysia due to Indonesia’s lower Indonesian export prices. “As such, the price movement next week is…
Malaysia’s palm oil inventories at end-July likely jumped to the highest in eight months due to improving production and soaring imports, a media survey showed yesterday. Stockpiles in the world’s second-largest producer expanded 8.3 per cent from June to 1.79 million tonnes, according to the median estimate of 11 traders and analysts polled by media. Production…
Malaysia’s crude palm oil (CPO) output is expected to grow by 2.8 per cent month-on-month (m-o-m) and 4.3 per cent year-on-year (y-o-y) to 1.59 million tonnes in July 2022, said CGS-CIMB Securities Sdn Bhd. “The m-o-m increase in CPO output was driven by seasonal factors,” it said in a research note today. As such, Malaysia’s palm oil…
Malaysia said on Thursday it was ready to help India meet its palm oil demand in view of potentially erratic supply from top supplier Indonesia. India is expected to see a surge in demand to around 800,000 tonnes per month for the next six months, Malaysia’s Plantation Industries and Commodities Minister Zuraida Kamaruddin said in a statement,…
The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed lower today, weighed by strong competition from lower Indonesian export prices, a dealer said. Singapore-based Palm Oil Analytics owner and co-founder Dr Sathia Varqa said the republic’s higher export volume also led towards the sell-off in Malaysian CPO futures. “A sharp fall in…
The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is projected to extend its uptrend this week after a three-day winning streak on optimism over the outlook for oil and vegetable oils. Palm oil trader David Ng expects futures prices to move between MYR3,700 and MYR4,500 per tonne next week. Market sentiment was…
JAKARTA, July 27 (Reuters) – Indonesia on Wednesday launched road tests for two types of biodiesel containing 40% palm oil, hoping to conclude by the end of the year whether they are viable for public use, the energy ministry said. The government currently mandates that all diesel sold in the country must contain 30% palm oil – the highest…
Jakarta. China has unveiled a commitment to increase its crude palm oil import from Indonesia by 1 million metric tons, or about a fifth of its annual imports, in a move that should help pare down the Southeast Asian producer’s surplus inventories and prop up the commodity prices among local farmers. China Prime Minister Li…
CGS-CIMB Research is optimistic about Indonesia’s latest measure on the short-term palm oil export levy waiver as it encourages an increase in exports and reduces the country’s high stockpiles. Indonesia recently announced it would waive a palm oil export levy from July 15 to Aug 31 in an attempt to boost shipments and reduce stockpiles. According to Indonesia’s finance…
The Indonesian central statistics agency, BPS, announced that the export value reached US$26.09 billion in June. The figure reflects a 21.30 percent monthly increase and 40.68 percent year-on-year hike. “The non-oil and gas sector accounted for 94.13 percent of total exports in June 2022,” BPS chief Margo Yuwono in a virtual press conference on Friday, July…
