Archived News

Pakistan can be self-sufficient in edible oil production if the Olive Valley set up by Punjab government in Potohar region is promoted on scientific lines, said ambassadors of various countries including Tunisia, Morroco, Kenya, Sudan, Nigeria and Mauritius during their visit to Barani Agriculture Research Institute (BARI) Chakwal.

Malaysia has formed an alliance with eight other palm oil producing countries to champion the industry’s future to the European Union (EU).

In fact, it is used in around 40% to 50% of foods and other household products sold in the western world, and is now the most widely consumed vegetable oil on the planet. To satisfy this huge demand, tens of millions of tonnes of palm oil is produced every year.

Malaysian palm oil futures edged down 0.5 per cent, after cargo surveyor showed a weakening export data, due to the declining demands from oversea consumer. The tropical oil also weighed by the overnight losses in related edible oils after the market closed on Wednesday and Thursday for national holidays.

Planter expected to slash percentage of old trees to 33% this year HAVING a high percentage of old oil palm trees has long been a challenge for diversified planter Felda Global Ventures Holdings Bhd(FGV).

India’s vegetable oil imports could edge up 1.2 percent to 15.6 million tonnes in 2017/18 marketing year on higher overseas palm oil purchases, leading industry analyst Thomas Mielke said.

Maybank IB Research projects Kuala Lumpur Kepong Bhd’s (KLK) financial results for the first quarter of financial year 2018 (1Q18) to be “decent”, amid lower crude palm oil (CPO) price and fresh fruit bunches (FFB) output.

A ban on palm oil biodiesel is being proposed in Europe over concerns that palm plantations cause deforestation. Above, a man assists trucks that carry palm oil fruit on a damaged road in Indonesia in January.

A broad-based increase in the import duty for vegetable oils is seen as a booster dose for the domestic crushing industry and the overall edible oil sector.

Crude palm oil prices declined by 0.69 per cent to Rs 561 per 10 kg in futures market today as speculators reduced exposure, taking negative cues from the spot market on subdued demand.

The government today increased import duties on certain crude and refined vegetable oils like cotton seed oil, olive oil and groundnut oil, to 30-35 per cent to check shipments.

The palm oil third-month contract looks neutral in a range of RM2,481-2,520 per tonne, and an escape could suggest a direction.