The next resistance will be 5,094 ringgit, a break above which could lead to a gain to 5,155 ringgit. The fall from the Thursday high of 5,053 ringgit has been almost reversed. The reversal signals the progress of a wave 5, the fifth wave of a five-wave cycle from 4,672 ringgit. A drop to 4,685 ringgit could…
Indonesia’s crude palm oil output is expected to rise 2.6% next year to 51.01 MMT from a 2021 estimate of 49.71 MMT, according to the Estate Crop Fund. In 2022, exports are expected to increase to 27.9 MMT versus 27.08 MMT for 2021. Domestic demand is forecasted to increase to 11.4 MMT next year from…
KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is expected to trade with an upward bias next week, a dealer said. Palm oil trader David Ng said concerns about weaker output and recent robust demand would continue to lift sentiment. “We expect prices to move between RM4,500 and RM4,800 per…
Even though the prices of Malaysian crude palm oil shot up sharply, the price of the Indian product did not follow the same trend in 2021 due to the government’s intervention. Widely used in edible oil blending, cosmetics, processed food products, and even in biofuel, palm oil’s prices on Bursa Malaysia Derivatives is considered to…
JAKARTA, Dec 23 (Reuters) – Malaysian palm oil futures extended gains to a third session on Thursday over expectations of lower December output, as torrential rains that began last week caused floods in eight states in Malaysia. The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange rose 1.0.8% to 4,496 ringgit ($1,069.71) by midday…
MUMBAI, Dec 22 (Reuters) – India’s refined palm oil imports are set to jump in the first quarter of 2022 after New Delhi slashed import taxes on it, making the refined product cheaper for Indian buyers than raw material crude palm oil (CPO). Higher imports of refined palm oil by India, the world’s biggest buyer of vegetable…
KUALA LUMPUR (Dec 21): The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives reversed Monday’s losses to close higher on Tuesday tracking gains in the soybean oil market on the Chicago Board of Trade (CBOT), said palm oil trader David Ng. Additionally, he said, gains were supported by the expectation of weaker output in the coming…
MANILA, Philippines — The Department of Energy (DOE) said it is still studying a proposal to use palm oil in biofuel mix and that it required the Federation of Philippine Industries (FPI) to submit additional data. According to the FPI, the DOE has committed to elevate the matter to the National Biofuels Board (NBB), the…
India’s palm oil purchases rose 15% in the marketing year 2020-21 (November-October) even though total vegetable oil imports stayed put, national trade body, the Solvent Extractors’ Association of India (SEA) said in a release Nov. 16. The new data showed that palm oil regained market share in India’s vegetable oil landscape after shrinking to 55%…
KUALA LUMPUR: Malaysian palm oil futures ended lower on Thursday after an industry body indicated a slower pace of production decline, but stronger exports in early November capped losses. The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange closed down 36 ringgit, or 0.73%, at 4,884 ringgit ($1,176.44) a tonne.…
JAKARTA, Oct 6 (Reuters) – Indonesia conducted its first test flight using jet fuel partially from palm oil on Wednesday, a senior minister said, as the country plans to commercialise the fuel as it seeks creative ways to use the edible oil domestically. The plane flew more than 100 km (62.14 miles) from the capital…
Short energy supply and the approaching winter in Europe are spurring demand for fuel, much to the benefit of Indonesian crude palm oil (CPO) exporters. The head of the Finance Ministry’s Fiscal Policy Agency (BKF), Febrio Kacaribu, said the European energy crisis was expected to have a positive short-term impact on Indonesia, as it boosted…
JAKARTA, Sept 15 (Reuters) – Indonesia’s exports hit a record high of $21.42 billion in August, boosted by surging commodity shipments, helping Southeast Asia’s biggest economy post its largest ever monthly trade surplus, official data showed. Robust exports helped Indonesia pull out of recession in the second quarter, but analysts say its recovery may be…
PETALING JAYA: India’s decision to further cut import duties on edible oils including palm oil starting Sept 11 is positive on the upstream planters and integrated plantation players regionally. According to CGS-CIMB Research, local planters such as IOI Corp Bhd , Kuala Lumpur Kepong Bhd (KLK) and Genting Plantations Bhd will stand to benefit from…
Deforestation trend has been occurring across the globe since long time ago as part of efforts to increase food supply and income. But data shows that the main cause of global deforestation is not forest clearing for development of oil palm plantations, but for the cattle farms. Professor of Forestry Faculty at Bogor University of…
The palm oil industry players said that negotiations on economic cooperation between Indonesia and United Arab Emirate will pave the way for Indonesian palm oil products to enter the other markets in the Middle East. The Indonesian Palm Oil Association (Gapki) Chairman Joko Supriyono said that the volume of Indonesian palm oil exports to UAE…
Indonesia’s trade surplus rose 19.8 percent annually to $2.59 billion in July, the second-highest level this year, after May, as high commodity prices buoyed exports, official data show. Statistics Indonesia (BPS) reported on Wednesday that exports reached $17.7 billion in July, up 29.3 percent year-on-year (yoy), buoyed by rising prices of commodities such as coal,…
The global concerns about sustainability are steadily rising. Many countries are working to prevent climate change. Various targets have been set to minimize the effects of global warming. As a result, the issuance of green bonds has increased rapidly in recent years. Investment managers are also beginning to gradually reduce high carbon-producing sectors, such as…
For some time, food companies have been searching for ways to reduce the amount of saturated fats in their products by replacing them with unsaturated fats — this is no easy task because the two kinds of fat have different properties. Saturated fats such as palm oil and coconut oil are solid at room temperature,…
Achievement of the B30 biodiesel development program demonstrates Indonesia’s success as a B30 pioneer, Dadan Kusdiana, Director General of New, Renewable Energy, and Energy Conservation (EBTKE) at the Energy and Mineral Resources Ministry (ESDM), said. “Our provision and utilization of biodiesel have made us the world’s leader in B30 implementation,” he affirmed here on Monday.…
