Indonesia explores agricultural and aquaculture cooperation with Vietnam to solidify their positions in Southeast Asia, according to Minister of Cooperatives and Small and Medium Enterprises (SMEs), Teten Masduki. During a meeting with the chairperson of the People’s Committee of Vietnam’s Dak Lak province, Hyim Kdoh, on Friday, Masduki said that the two countries have an…
Details
Crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives turned higher on Wednesday, rebounding from Tuesday’s losses, and tracking a bullish recovery in the Chinese vegetable oil futures, said a dealer. Mumbai-based Sunvin Group commodity research head Anilkumar Bagani said despite the quiet buying momentum from other markets apart from India, the origin markets…
Details
Against the backdrop of attacks by Ukrainian UAVs on Russian refineries and forecasts of a reduction in oil supplies in 2024, Brent crude oil futures last week rose by 4% to $85.4/barrel (+3.2% for the month), which supported the ‘yuchers for palm oil in Malaysia. May palm oil futures on the Malaysian Bursa exchange rose…
Details
Jakarta – President Joko Widodo aka Jokowi visited North Sumatra with First Lady Iriana on Thursday, March 14, 2024. During the visit, Jokowi is scheduled to inaugurate a red cooking oil pilot factory. According to a written statement from the Presidential Secretariat, Jokowi and Iriana arrived at Kualanamu International Airport, North Sumatra at around 09:15…
Details
Malaysian palm oil futures rose on Wednesday to their highest closing in over a year, as strengthin rival edible oilsand firmer crude oil prices underpinned the market. The benchmark palm oil contract FCPOc3 for May delivery on the Bursa Malaysia Derivatives Exchange closed up 67ringgit, or 1.62%, to 4,196 ringgit ($895.43), its highest closing since…
Details
The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended higher today amid continuous bullish sentiment. Palm oil trader David Ng said palm oil prices got its support from the low stock levels of the commodity in the country coupled with stronger soybean oil prices at the Chicago Board of Trade (CBOT) and…
Details
Palm oil prices could be lifted by the expansion of pure biodiesel (B100) capacity in Southeast Asia, as well as crop failure in other parts of the world, said veteran trader Dorab Mistry. “If there are new biofuel announcements [in Southeast Asia], [prices for] palm will go higher because palm is the oil of first…
Details
Indonesia, the world’s largest producer of crude palm oil (CPO), is stepping up efforts to become a key supplier of sustainable aviation fuel (SAF), leveraging its abundant natural resources. This initiative aligns with global moves towards greener aviation, with countries like Singapore mandating the use of SAF by 2026. Amidst this backdrop, Indonesia has embarked…
Details
The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is likely to trade higher next week due to ongoing positive sentiment, a dealer said. Palm oil trader David Ng said positive sentiment in the palm oil market is expected to continue to build up in the upcoming week, given the anticipation of lower…
Details
The National Food Agency (Bapanas) stated that Indonesian snacks and palm oil industries participated in the 2024 Gulfood Exhibition at the Dubai World Trade Center, the United Arab Emirates (UAE). The agency’s Director of Food Distribution and Reserves Rachmi Widiriani noted in a written statement on Thursday that the 2024 Gulfood Exhibition is one of…
Details
Malaysian palm oil futures traded near MYR 3,900 per tonne after falling below MYR 3,820 earlier in the week, supported by strength in rival oils in Dalian and Chicago soyoil, and sustained gains in crude oil prices. Meanwhile, expectations of robust demand grew ahead of the Ramadan fasting month. At the same time, traders were…
Details
PT Astra Agro Lestari Tbk (AALI) is developing digital services to make the process of selling fruit to the Astra Agro factory efficient, effective, and convenient for palm oil farmers. “Astra Agro’s step to prioritize palm oil products from farmers is also the company’s commitment to supporting palm oil farmers’ businesses,” chief executive officer of…
Details
Trading opportunities have emerged in the crude palm oil (CPO) futures market in the first quarter of this year, as prices are expected to trend higher in the near term. According to Maybank Investment Bank (Maybank IB) Research, the price of CPO is expected to strengthen this month due to a low output cycle, lack…
Details
JAKARTA, Jan 31 (Reuters) – Indonesia has set its palm oil reference price at $806.40 per metric ton for Feb. 1-29, an increase from $774.93, a trade ministry decree showed on Wednesday. The CPO export tax and levy will be $33 per ton and $85 per ton, respectively. The trade ministry also stated that Indonesia’s…
Details
India will extend edible oil imports at a lower duty by another year until March 2025, the government said in a notification issued late on Monday, as the world’s biggest vegetable oil importer moves to contain local prices. The lower import duty structure on crude palm oil, crude sunflower oil and crude soyoil was set to expire in March…
Details
Jakarta (ANTARA) – Head of the Finance Ministry’s Fiscal Policy Agency (BKF), Febrio Kacaribu, on Tuesday said that the 2023 trade balance surplus reflects the resilience of Indonesia’s economy amid a global economic slowdown. “Although it recorded a decrease compared to 2022, the 2023 balance of trade showed the national economy’s external resilience amid (a) global risks…
Details
KUALA LUMPUR, Jan 16 (Reuters) -Malaysian palm oil futures rose on Tuesday, driven by top importer India’s move to allow edible oil imports at a concessional duty for one more year. The benchmark palm oil contract FCPOc3 for April delivery on the Bursa Malaysia Derivatives Exchange rose 49 ringgit, or 1.29%, to 3,849 ringgit ($821.91) by midday. India’s move to allow lower…
Details
MUMBAI: India’s palm oil imports surged to their highest in four months in December, driven by increased purchases of refined palmolein due to competitive prices, a leading trade body said on Friday. Higher purchases by the world’s biggest importer of vegetable oils could help lower palm oil stocks in top producers Indonesia and Malaysia and support…
Details
The reference price would keep the CPO export tax and export levy at $18 per ton and $75 per ton respectively. The decree officially stating the reference price has not been made public yet. Indonesia will also impose a new tax on e-cigarettes from Jan. 1, adding to an excise tax to help curb vaping,…
Details
JAKARTA (ANN/THE JAKARTA POST) – Indonesia has navigated a commendable economic trajectory this year, defying the challenges posed by the waning commodity boom that cast a shadow on exports, a crucial driver of gross domestic product (GDP) growth in the preceding year. Despite a decline in exports, which contributed significantly to the 16.28 per cent…
Details
