Indonesia’s trade surplus likely widened to $3.52 billion last month, boosted by the lifting of a three-week palm oil export ban, according to economists polled by Reuters, although some still expect the gap to shrink later in the year. Southeast Asia’s largest economy has been enjoying an export boom on the back of rising commodity…
China, the world’s second-largest palm oil buyer, will increase its purchases of the tropical oil from Malaysia, Bernama reported, citing Chinese Foreign Minister Wang Yi. Malaysia’s palm oil exports to China rose more than 13% in June month-on-month to 96,496 tons, according to data from the Malaysian Palm Oil Board on Tuesday, though shipments slid 55% from the…
A break above 4,267 ringgit could lead to a gain into 4,398-4,588 ringgit. However, the contract’s failure to break this level in its first attempt suggests a completion of the bounce from the July 6 low of 3,735 ringgit. A break below 4,090 ringgit could open the way towards 3,782-3,900 ringgit range. On the daily chart, the…
Indonesia plans to increase the content of palm oil-based fuel in its biodiesel to 35%, known as B35, from 30%, starting on July 20, senior energy ministry official Dadan Kusdiana said late on Friday, July 8. The world’s biggest palm oil producer is struggling to cut palm oil inventories after a three-week export ban ending in…
Palm oil climbed for a second day on fresh demand from top buyers India and China after a recent selloff, with a rally in rival soybean oil prices further supporting the market. Futures for September delivery jumped as much as 4.2% to 4,314 ringgit ($975) a ton, before closing at 4,163 ringgit in Kuala…
Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan in a statement on Thursday claimed that Indonesia has become one of the most prominent exporters on the global stage. He said it had helped the country overcome economic challenges amidst the world’s energy and food crisis, attributing the palm oil industry as the main driving force.…
JAKARTA – Senior Indonesian minister Luhut Pandjaitan estimated on Thursday that an additional 2.5 million tonnes of palm oil could be absorbed by the domestic market if the country raised the amount of palm oil in its biodiesel mix to 40% (B40). The world’s biggest palm oil maker currently has a mandatory 30% blend of palm oil-based…
The planned higher biodiesel mandate in Indonesia will be medium-term positive for Indonesian biodiesel producers such as Wilmar International, Golden Agri-Resources and First Resources, said CGS-CIMB Research analysts Ivy Ng Lee Fang and Nagulan Ravi. This change in mandate would allow the companies to expand their revenues and earnings base, the analysts said in their June…
Palm oil resumed an advance as top producer Indonesia considers a plan to increase its biodiesel mandate, a move aimed at slashing its fuel import costs and soaking up bulging edible oil stockpiles. Futures for September delivery climbed as much as 1.5% to RM4,975 (US$1,129) a ton, reversing an earlier drop of 1.9%, before closing…
A number of bin lorries in the Scarborough Borough are now being powered by waste vegetable oil. The council has switched the lorries from diesel to hydrotreated vegetable oil or HVO which significantly reduces CO2 emissions. The council’s Climate Change Programme Manager – Harry Baross – says around 65 percent of the councils vehicle fleet…
Indonesian Foreign Minister Retno Marsudi discussed various areas of bilateral cooperation with her Indian counterpart, S. Jaishankar, during a meeting in New Delhi on Friday. “In the trade field, we warmly welcome a 33-percent increase in trade (between the two countries) in 2021,” Marsudi noted during a video media briefing on the meeting of the…
Jakarta (ANTARA) – Indonesia and Bosnia and Herzegovina agreed to enhance economic relations by bolstering trade and investment potentials that both countries possess. “Indonesia believes that the historical bond and good bilateral relations forged by both countries decades ago can be utilised as the capital of every strategic step for further exploration of cooperation potentials…
The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is expected to trend lower next week on profit-taking activities. Interband Group of Companies senior palm oil trader Jim Teh said prices were expected to hover between RM5,500 and RM6,000 per tonne, influenced by a weaker local currency, inflation in the United States, and…
KUALA LUMPUR (June 9): Crude palm oil (CPO) prices are expected to weaken to RM4,000 per tonne by the last quarter of the year (4Q22), driven by an increase of CPO production in Indonesia and dampened demand for vegetable oils, said Godrej International Ltd director and edible oil analyst Dorab Mistry. In a report on…
The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is expected to trade in a cautious tone next week ahead of key crop reports to be released in the same week, a dealer said. Mumbai-based Sunvin Group commodity research head Anilkumar Bagani said next week is very important where the Malaysian Palm Oil…
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…
