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Global Sustainable Palm Oil Market: Overview

The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Wednesday Nov 15.

Palm oil exports value is expected to exceed RM70bil this year compared with RM67bil recorded last year, said Plantation Industries and Commodities Minister Datuk Seri Mah Siew Keong.

Malaysian palm oil futures hit their lowest in nearly four weeks on Tuesday evening, weighed down by overnight losses in the Chicago Board of Trade (CBOT) soyoil and weakness in related oils on China's Dalian Commodity Exchange.

Malaysia and Indonesia will consider imposing trade sanctions against the European Union (EU) if it does not rescind what the two countries consider an “unfair resolution” against the palm oil industry, says Datuk Seri Najib Tun Razak.

Perak-based United Plantations Bhd expects 2018 to be a good year with crude palm oil (CPO) prices forecast at between RM2,400 and RM2,600 per tonne, driven by strong global demand as the economy improves.

- Malaysia and Indonesia view the export restriction on palm oil in the European Union seriously and are ready to take joint action to counter the discrimination, which will jeopardise the livelihoods of more than 18 million smallholders in both countries, said Prime Minister Najib Razak.

Malaysia views European Union’s (EU) move to link palm oil industry with deforestation very seriously and is ready for counter action to protect the welfare of the 600,000 smallholders in the country.

Indonesia’s state plantation holding company PT Perkebunan Nusantara III (PTPN III) expects palm oil output to stagnate next year as it replants old trees, the company chief executive said on Tuesday.

India’s palm oil imports climbed for a ninth month in October as traders and refiners increased purchases to meet demand for festivals.

The Malaysian Palm Oil Board (MPOB) today entered into a strategic partnership with e-commerce platform AladdinStreet.com.my to help expand the sale of palm oil, and palm oil based products from raw materials to finished products, in the Chinese market.

India, the world's leading vegetable oil buyer, had imported 84.43 lakh tonnes of palm oils during the last marketing year (November-October).