Archived News

KUALA LUMPUR (Oct 18): The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed higher on Monday on the back of solid gains in soybean oil on the Chicago Board of Trade (CBOT) and a weaker ringgit, said a dealer.

Cooking oil prices are set to become cheaper soon as the central government had asked the states to pass on the benefits of import duty cut “immediately" to consumers this festive season. Earlier, the Union government has scrapped the basic customs duty on crude varieties of palm, sunflower and soyabean oils. The duty charges on refined edible oils has also been cut to control the rising edible oil prices.

Nepal's edible oil exports to India may take a hit as reduced import duty by the southern neighbour may boost overseas buying by Indian traders themselves, insiders said.

Malaysian biodiesel exports rose to their highest monthly volume since July 2019 at 66,000t in August, after a short-lived plunge in crude palm oil (CPO) futures narrowed the palm oil-gasoil (POGO) spread in June.

KUALA LUMPUR, Oct 20 (Reuters) - Malaysian palm oil futures rose on Wednesday, reopening after a one-day public holiday, with prices jumping on firmer soyoil and tight supply worries ahead of Oct 1-20 export data.

SINGAPORE — Chicago soybean futures climbed for a fifth consecutive session on Wednesday to trade near the previous session’s one-week top, as rising edible oil demand underpinned the market.

KUALA LUMPUR, Oct 18 - Malaysia's crude palm oil production in 2021 is forecast to decline by 700,000 tonnes to 18.4 million tonnes due to a labour shortage and erratic weather conditions, state agency the Malaysian Palm Oil Council (MPOC) said on Monday.

Indian imports of vegetable oils in September rose 67% month on month to 1.76 million mt as lower duties helped push palm oil imports to a historic high, according to data released by the country’s vegetable oil trade body on Oct. 13.

KUALA LUMPUR, Oct 18 (Reuters) - Global vegetable oil prices, which have hit multi-year highs in recent months, are set to decline during the first half of 2022 due to a strong recovery in production and inventories, leading analyst Thomas Mielke forecast on Monday.

KUALA LUMPUR, Oct 18 (Reuters) - Global palm oil production will increase by 3.5-4 million tonnes in the 2021/22 crop year to almost 80 million tonnes, leading analyst Thomas Mielke forecast on Monday.

PALM oil posted its biggest daily decline in almost four weeks, retreating from a record as a stronger ringgit and tight competition from rival vegetable oils increased pressure on the market.