Archived News

BANGI (Nov 18): The oil palm industry is expected to contribute an export value of RM100 billion in 2021, an increase from the RM73.3 billion recorded last year, said Plantation Industries and Commodities Minister Datuk Zuraida Kamaruddin.

KUALA LUMPUR, Nov 18 (Reuters) - Malaysia's Sime Darby Plantation Berhad SIPL.KL reported a 73% jump in third-quarter net profit on Thursday, buoyed by higher palm oil prices but flagged that prices were likely to decline next year.

THE government has allocated a total of RM60 million for agricultural mechanisation technology research and commercialisation to the Mechanisation and Automation Research Consortium of Oil Palm (MARCOP), which was launched yesterday.

Cooking oil prices are again on the rise. Prices of soya oil that are consumed majorly by Indian urban households have gone up by almost Rs 3 per litre at the retail end while palm oil prices have moved up by Rs 2-3 per litre in the last one week, with no immediate respite in sight. The general trend in the cooking oil industry is that once any of the oils become expensive, others follow the suit.

KUALA LUMPUR (Nov 18): The increase in the price of oil palm fresh fruit bunch (FFB), which has reached RM1,000 per tonne, can to some extent reduce the losses of Felda settlers who are affected due to the lack of foreign labour to harvest their plantations.

The impact of weaker crude palm oil (CPO) prices in 2022 is likely to be cushioned by higher yields and a significant release of working capital. Producers’ leverage should be largely unchanged as a result. Fitch expects CPO prices to decline due to higher output, and is assuming Malaysian benchmark spot prices will average USD750/tonne (t) versus USD1,050/t in 2021E.

KUALA LUMPUR (Nov 17): The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended higher on Wednesday owing to a higher overnight Chicago Board of Trade (CBOT) soybean oil market as well as expectation of stronger demand, palm oil trader David Ng said.

Jakarta (ANTARA) - Research must be continuously encouraged to push the sustainable development of national palm oil, Coordinating Minister for Economic Affairs, Airlangga Hartarto, has said.

KUALA LUMPUR: Malaysian palm oil futures extended early gains on Wednesday, after the ringgit weakened, and as concerns over lower production and better-than-expected exports underpinned prices.

India’s bill for imports of vegetable oil jumped 63% in 2020/21 from a year ago to a record 1.17 trillion rupees ($15.71 billion) as overseas prices of edible oils surged, a leading trade body said on Tuesday.

CANBERRA, Nov 18 (Reuters) - U.S. soybean futures edged lower on Thursday, retreating from a six-week high scaled in the previous session, though strong export demand provided a floor to losses.

Malaysian used cooking oil exports hit an all-time high of 120,000t in September, beating the previous record of 115,000t in March, according to Global Trade Tracker.