Archived News

ROTTERDAM: Palm oil on the European vegetable oils market edged higher on Wednesday, tracking an unexpected rise in Malaysian palm oil futures following bearish industry data.

Crude palm oil prices gained 0.25 per cent to Rs 561.30 per 10 kg in futures trade today as speculators engaged in enlarging positions, tracking a firm trend at spot market on rising demand. At the Multi Commodity Exchange, crude palm oil for delivery in January contracts gained Rs 1.40, or 0.25 per cent, to Rs 561.30 per 10 kg in business turnover of 36 lots. On similar lines, the oil for delivery in February contracts was trading Rs 1.30, or 0.23 per cent, higher to Rs 564.20 per 10 kg in 17 lots. Analysts said expanding of positions by participants on the back of surging demand in the physical market against tight stocks positions on fall in supplies from producing regions kept prices higher.

Lawmakers are considering a complete phase out of palm oil in transport fuels by 2021 – a proposal which has garnered support from the biggest political groups in the European Parliament ahead of a key vote next week, EURACTIV can confirm.

Felda Global Ventures Holdings Bhd(FGV) expects its export volume to increase significantly as a result of a temporary export tax suspension by the Government.

KUALA LUMPUR: Malaysia is not looking for a trade war, but will retaliate if the European Union moves to ban palm oil from the continent’s biofuel mix and renewable energy sources, said Plantation Industries and Commodities Minister Datuk Seri Mah Siew Keong.

Malaysian palm oil futures dropped over 1 percent in evening trade on Tuesday, falling from a near seven-week high hit earlier, weighed down by expectations of sluggish exports.

Palm oil industry players seem sceptical over this year’s outlook, as crude palm oil (CPO) prices are projected to decline by 12 per cent, on the back of mounting inventory for the commodity.

Palm oil on the European vegetable oils market eased on Tuesday following technical weakness in Malaysian futures ahead of fresh MPOB supply/demand and stocks data due on Wednesday.

Malaysia needs to look at developing its market share in more countries that are major importers of palm oil, says Datuk Seri Mah Siew Keong.

Malaysia, Indonesia and Thailand will retaliate if the EU’s ongoing discrimination and attack on the palm oil industry becomes legislative, said Plantation Industries and Commodities Minister Datuk Seri Mah Siew Keong.

Companies that are currently using the "Palm Oil Free" or "No Palm Oil" labels on their products packaging would eventually remove the label in the next three to four years.

Malaysia, Indonesia and Thailand are ready to join forces and retaliate over the European Union’s (EU) threat to exclude palm oil from its biofuel mix and renewable energy by 2021, which is a discriminatory act and amounts to an attack on the palm oil industry