MUMBAI – India’s July edible oil imports were set to jump to a record 1.86 million metric tons, nearly 60% more than normal, as refiners raised purchases to build stocks for festivals amid uncertainty over supplies from the Black Sea, dealers and cargo surveyors said on Tuesday, 25 July 2023. Higher purchases by the world’s…
Indonesian state-owned energy company Pertamina has launched sales of gasoline containing 5% of bioethanol made from sugar molasses in two cities, as the country aims to expand the availability of renewable fuels. Pertamina said it has started selling Pertamax Green 95, its 95-octane gasoline mixed with 5% bioethanol, in 15 petrol stations in the capital…
India’s palm oil imports jumped 56% to a three-month high in June, as buyers took advantage of a dip in prices to increase purchases, a leading trade body said. Imports rose to 683,133 metric tons in June, up from 439,173 metric tons in May as prices fell to their lowest in 28 months, the Mumbai-based…
Malaysian palm oil futures ended with a modest recovery on Friday and logged a third consecutive weekly gain as the strength in rival edible oils countered a firmer yen. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange closed 12 ringgit, or 0.3%, higher at 3,877 ringgit ($857.17) a metric ton. Palm…
Jakarta – The Indonesian government has given the green light for the oil palm growers’ proposal to establish a special institution which is focused on developing and managing the country’s palm oil industries. Musdalifah Mahmud, Deputy in charge of food and agriculture coordination at the economic coordinating ministry, said that the special institution is badly…
Indonesia plans to raise its mandatory palm oil-based biodiesel blending to 40% in the next few years, but for now will keep it unchanged at 35%, the country’s energy minister said on Monday. The world’s biggest palm oil producer raised mandatory blending from 30% to 35% in February, however it has not been fully implemented in…
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…
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…
The European Council and the European Commission both agreed on May 16 to adopt the EU Deforestation-free Supply Chain Regulation (EUDR), which is designed in the context of making Europe’s economy greener, all while some of its members are reverting to coal in response to the recent energy crisis in the wake of the Ukraine…
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…
