Archived News

05/08/2023 (Malay Mail), Kuala Lumpur - The world’s largest palm oil producers, Malaysia and Indonesia, have agreed to set up an ad hoc joint task force (JTF) to establish dialogue and relevant workstreams to build mutual understanding on the implementation of the European Union Deforestation Regulation (EUDR) and its core aspects, including benchmarking

04/08/2023 (Business Recorder), Kuala Lumpur - Malaysian palm oil futures rose on Friday from a one-month closing low in the previous session, although the contract is headed for a second weekly loss.

04/08/2023 (Daily FT) - Sri Lanka’s recent decision to either temporarily ban or restrict palm oil cultivation has attracted significant attention both domestically and internationally. As a result, the Asian Palm Oil Association (APOA), a multilateral body representing the industry across India, Bangladesh, Nepal, Sri Lanka, and Pakistan, has expressed concerns about the significant negative impact of these policy decisions for Sri Lanka.

03/08/2023 (Business Recorder), Kuala Lumpur - Malaysian palm oil futures extended early losses on Thursday, hitting its lowest closing since the end of June as it tracked losses in rival edible oils and concerns over sluggish demand.

03/08/2023 (North Africa Post) - The World Bank’s private sector financing arm, International Finance Corporation (IFC), has provided a credit package of $150 to Olam Palm Gabon, the subsidiary of Singapore-based Olam International, to boost the company’s production of palm oil in the central African country.

02/08/2023 (Eco Business) - Palm oil plantations are better at absorbing carbon than tropical forests, an executive for the Indonesian government’s palm oil agency claimed on Tuesday (1 August), despite scientific evidence that proves the opposite.

02/08/2023 (Tempo.co), Jakarta - The Indonesian Palm Oil Association (GAPKI) chairperson Eddy Martono stated that his side is eyeing China as its largest destination for palm oil exports.

02/08/2023 (Jakarta Globe), Jakarta - Indonesia on Wednesday persuaded Switzerland, a member of the European Free Trade Association or EFTA, to get the group into recognizing the country's sustainability certification scheme for palm oil called the ISPO.

02/08/2023 (Reuters), Mumbai - India's edible oil imports in July rose to a record 1.76 million metric tonnes as refiners built up stocks for upcoming festivals given uncertainty over supplies from the Black Sea, five dealers told Reuters.

02/08/2023 (Nasdaq) - Malaysian palm oil futures closed up on Wednesday after six straight sessions of losses, underpinned by a weaker ringgit and stronger rival oils.

02/08/2023 (Times of India), Ahmedabad - Due to a high-cost inventory triggered by a decline in edible oil prices, FMCG major, Adani Wilmar Limited posted a net loss of Rs 79 crore during the first quarter of FY 2024, according to the company’s regulatory filing on Wednesday. This is against a prifit of Rs 194 crore during the corresponding quarter of FY 2023. The company’s annual revenues also declined 12% to Rs 12,928 crore from Rs 14, 724 crore during the same period.

01/08/2023 (Malay Mail), Kuala Lumpur - Malaysia’s crude palm oil (CPO) prices are expected to trade in the range of RM3,700 to RM4,200 per tonne during the second half of 2023 (2H 2023), said the Malaysian Palm Oil Council (MPOC).