Archived News

Indonesia's consumption of palm oil-based biodiesel for the first six months of this year was estimated at 5.41 million kilolitres, data from palm oil fund agency BPDPKS revealed.

(Alliance News) - Dekel Agri-Vision PLC on Thursday said that fresh fruit bunch volumes and crude palm oil production more than doubled in the month of July compared to a year ago.

09/08/2023 (Nasdaq), Kuala Lumpur - Malaysian palm oil futures extended early gains on Wednesday, snapping two straight sessions of losses on improved demand outlook, while the market awaited Malaysian Palm Oil Board (MPOB) data for further direction.

09/08/2023 (Mintec Global) - According to insights gathered from market players, the MPOB report is not expected to bring any major surprises as most of the market aligns with the expected figures. Most of the market players surveyed by Mintec anticipate around a 14% increase in palm production in Indonesia and a 7% to 8% increase in Malaysia for July compared to June. On the other hand, exports have shown strength, with an estimated increase of 6% to 8%. India and China have been stockpiling substantial volumes ahead of holidays and festivals, leading to a minor rally in palm oil prices in Asian and European markets. However, this rally was countered by the subsequent sell-off triggered by the expected production increase.

09/08/2023 (Citizen Digital) - The government has asked the court to lift orders that suspended the decision to import 125,000 metric tonnes of duty free edible oils.

09/08/2023 (Nairametrics) - One of the biggest casualties of the Nigerian civil war was the local palm oil production industry.

08/08/2023 (Malay Mail), Kota Kinabalu - The Sabah state government said today it has collected some RM6.22 billion in sales tax from its crude palm oil industry from 2018 to this year.

08/08/2023 (Nasdaq), Kuala Lumpur - Malaysian palm oil futures fell for a second session on Tuesday, hitting their lowest in nearly six weeks due to heavy losses in rival edible oils and poor demand.

08/08/2023 (The Economic Times) - Chief Minister Himanta Biswa Sarma led the state in joining the movement in producing edible palm oil when he along with Yoga Guru Ramdev planted saplings of oil palm at Saikhowaghat in Tinsukia today.

09/08/2023 (Jakarta Globe), Jakarta - The formation of a joint task force on the European Union's anti-deforestation law gave Indonesia some hope that it would be able to conclude its overdue trade deal with the 27-member bloc, according to a senior minister.

08/08/2023 (Energy Portal EU) - Indonesia and Malaysia, which account for approximately 85% of global palm oil trade, have agreed to establish an ad hoc task force with the European Union (EU) to address issues related to the EU Deforestation Regulation (EUDR), according to Indonesia’s Coordinating Ministry for Economic Affairs. The EUDR, which came into effect on June 29, imposes traceability and due diligence requirements on imports of palm oil, among other commodities, and restricts products produced on land subject to deforestation since December 31, 2020. The task force held its inaugural meeting in Jakarta on August 4, where participants agreed on terms of reference, including smallholders in the supply chain, national certification schemes, and scientific data on deforestation and forest degradation. The three parties have set a deadline of the end of 2024 for the task force to complete its work, with the next meeting scheduled for November 2023.

07/08/2023 (Nasdaq), Kuala Lumpur - Malaysian palm oil futures eased on Monday on range-bound trading, weighed by expectations of higher supply in the world's second-largest producer and sluggish demand.