Refiners of edible oils in India, one of the world’s biggest consumers, face the prospect of shuttering factories because the structure of import taxes makes supplies of processed oils from overseas more attractive, according to the Indian Vegetable Oil Producers’ Association. As much as 30% of the country’s refining capacity could shift to Indonesia and Malaysia, the…
JAKARTA – The publicly listed plantation company PT Astra Agro Lestari Tbk (AALI) has planned to reach net zero emission under its long term plan which is in line with the government plan to realize the net zero emission in 2060. Santosa, President Director of Astra Agro Lestari said that internal team of Astra Agro is…
MUMBAI, Feb 13 (Reuters) – India has cut its tax on crude palm oil (CPO) imports to 5% from 7.5%, the government said in a notification, as the world’s biggest edible oil importer tries to rein in local prices of the commodity and help domestic refiners and consumers. The reduction in the tax, known as the Agriculture…
KARACHI: Pakistan is likely to import 3.6 million metric tonnes (MT) of palm oil in the current fiscal year amid increasing demand, a sector study forecast on Thursday. According to a research report by Pakistan Credit Rating Agency (PACRA) on edible oil, Pakistan is the fourth largest importer of palm oil in the world and refined…
JAKARTA: Indonesia has conducted early tests to produce gasoline made from palm oil, its energy ministry said on Tuesday (Jan 25), as it seeks to expand use of the vegetable oil in its energy sector. To absorb more of its palm oil output and slash fuel imports, the world’s biggest producer of the oil in…
The government will conduct a B40 biodiesel road test in February as it pushes ahead with its plan to use more palm oil-derived fuel in transportation. The Energy and Mineral Resources Ministry said on Monday that the test would involve numerous producers and government institutions, namely the Indonesian Automotive Industry Association, the Indonesian Biofuel Producers Association (Aprobi),…
Malaysian palm oil futures rose more than 1% on Monday, as top producer Indonesia moved ahead with plans to test biofuel with higher palm content, while forecasts of weak output in the world’s second-largest producer also lent support. The benchmark palm oil contract FCPOc3 for April delivery on the Bursa Malaysia Derivatives Exchange gained 78 ringgit,…
Palm oil will likely ease over the next six months but remain above 4,700 ringgit ($1,124) a ton as supply constraints that have pushed prices to record highs are set to persist, according to LMC International. It will take another 12 months before palm oil production in Southeast Asia recovers to end-2019 levels, Julian Conway…
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…
