Minister of Energy, Resources, and Mineral Resources (ESDM) Arifin Tasrif shared optimism that the use of 40 percent biodiesel (B40) fuel can be implemented in early 2023. B40 means it contains a 40% blend of palm oil-derived biofuel and 60% diesel. “B40 is ready to be launched in January, inshallah, depending on the test results.…
Palm oil closed at its highest level in more than two months after top grower Indonesia extended an export levy waiver for the crude variety, but raised the reference price. Indonesia will continue the concession until the end of the year, provided the reference price, which is used to decide taxes, stays below US$800 a…
Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives are expected to trade with a downward bias this week, given the country’s large stockpile, says palm oil trader David Ng. He forecast CPO prices would trade between RM3,400 and RM4,000 per tonne. A Malaysian Palm Oil Board report on Tuesday revealed that CPO stocks…
India’s palm oil imports in September jumped to their highest in a year, boosted by strong demand ahead of the peak festival season and a steep discount to rival oils, a leading trade body said on Thursday. Higher buying by the world’s biggest importer of vegetable oils could help top producer Indonesia trim stocks and support…
JAKARTA: Indonesia exported 4.33 million tonnes of palm oil products in August, data from industry group the Indonesian Palm Oil Association (GAPKI) showed on Tuesday (Oct 11), up from 2.71 million tonnes in July. Indonesia’s decision to waive levies on palm oil exports had helped “improved competitiveness of Indonesian palm oil products in global market…
JAKARTA – Indonesia, the world’s biggest producer of palm oil, may extend an export levy waiver on the edible oil to the end of this year, its chief economic minister said on Tuesday. Indonesia started waiving levies imposed on exports of palm oil products from mid-July to help reduce a stock glut that accumulated after a…
Indonesia booked a US$138.2 million worth of palm kernel shells trade contract with Japan for the latter’s renewable energy needs. The agreement was met in a business meeting and the signing of a trade agreement in Tokyo today, Sept. 28. The business meeting that resulted in the trade contract was part of a series of trade…
Malaysia hopes that oil palm biomass will be accepted as a feedstock for the production of sustainable aviation fuel (SAF) given the rising demand for the use of the jet fuel alternative worldwide. Transport Minister Datuk Wee Ka Siong said Malaysia had been involved in the effort to include the oil palm biomass as part…
The crude palm oil futures contract on Bursa Malaysia Derivatives ended higher on Tuesday (Sept 20), thanks to stronger exports which lifted the market, coupled with the strength in soybean oil trading on the Chicago Board of Trade. Figures compiled by cargo surveyor Intertek Testing Service revealed that exports of palm oil for Sept 1-20 rose 30.58%…
Indonesia recorded a $5.76 billion trade surplus in August, the biggest in four months and larger than expected, as exports and imports beat forecast, official data showed on Thursday. A Reuters poll had expected a surplus of $4.09 billion. The resource-rich country has reported a trade surplus every month since May 2020, with exports boosted…
Indonesia’s Central Statistics Agency (BPS) recorded export value in August 2022 at US$ 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…
