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…
India’s palm oil imports rose marginally to 5,90,921 tonnes in June this year, but the shipment of RBD palmolein oil showed a sharp increase, industry body Solvent Extractors Association (SEA) said. India, the world’s leading vegetable oil buyer, imported 5,87,467 tonnes of palm oils in June 2021. The association also demanded the government to increase…
KUALA LUMPUR: Malaysia’s palm-oil inventory level increased 8.8 per cent month-on-month to 1.66 million tonnes in June , the highest since November 2021 as total crude palm oil (CPO) production outweighed consumption mainly due to weaker exports. Affin Hwang Capital said in the near term, global crop production, global demand for edible oils and further changes to…
KUALA LUMPUR: Crude palm oil (CPO) prices are expected to remain elevated in the second half of this year (H2 2022) on supply concerns and improved demand outlook, according to MIDF Research. The research house said prices would be supported by the higher edible oil prices on supply concerns amid the prolonged Russia-Ukraine war, which…
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…
