Archived News

16/05/2023 (Business Recorder), Singapore - Palm oil may test a support at 3,498 ringgit per tonne, a break below could open the way towards 3,418 ringgit.

16/05/2023 (Business Recorder), Mumbai - India slashed the base import prices of crude palm oil, soyoil, and silver, and raised the price of gold, the government said in a statement late on Monday.

16/05/2023 (Baking Business) - Between supply chain problems and rising costs, bakers and snack makers want to make the most of their cooking oils, which includes proper storage and usage.

16/05/2023 (Malay Mail) - There have been growing concerns over the so-called “palm oil problem.”

Malaysian palm oil futures closed lower on Monday, weighed by concerns over higher production as well as weak demand after larger rival Indonesia lowered its exports tax.

KUALA LUMPUR: Malaysian palm oil futures fell on Monday, tracking losses in rival soyoil prices after a US government report pegged a record-high production, although a weaker ringgit capped losses.

MarketsFarm — With the rapeseed crop in the United Kingdom estimated at 66 per cent good to excellent, the U.S. Department of Agriculture attaché in London, forecast production for 2023-24 to be 1.38 million tonnes. That would make for a 1.4 per cent increase over the 2022-23 crop.

Ukraine is benefiting from the EU ban on imports of sunflower seeds to five neighboring countries, since domestic oil extraction plants are not provided with enough raw materials and are constantly experiencing a shortage of raw materials, Stepan Kapshuk, the director general of the Ukroliyaprom association, told Interfax-Ukraine.

Indonesia's state-owned Pertamina has reduced its Indonesian very low-sulphur fuel oil (VLSFO) bunker prices by about 30pc in an effort to compete with other ports, namely Singapore.

JAKARTA: Indonesia set its crude palm oil (CPO) reference price at $893.23 per tonne for the period of May 16-31, a trade ministry decree published on Monday showed.

SINGAPORE: Palm oil still targets 3,707 ringgit per tonne, as it has stabilised around a support of 3,563 ringgit. The support is identified as the 50% retracement of a five-wave cycle from 3,288 ringgit.

KUALA LUMPUR: Some of Malaysia’s largest palm oil producers are not hiring workers from Bangladesh because of concerns over exploitative practices during recruitment, companies and labour consultants say.