Archived News

Malaysian palm oil futures logged their biggest jump in 11 months to close 4.76% higher on Tuesday after falling for two straight days, tracking gains in US soyaoil prices.

Palm oil may bounce again to 3,945 ringgit, as it managed to stabilize around a support at 3,859 ringgit per tonne.

Indonesian state-owned refiner Pertamina has started offering renewable diesel for export but still needs to clear some obstacles to oblige potential buyers.

India’s agriculture industry is in a wait-and-watch mode amid the worsening pandemic situation, as localized lockdowns have stagnated market demand, while any subsequent stricter restrictions in the coming days are expected to slow down trading activity and disrupt supply operations.

Brazilian oilseeds lobby group Abiove is pushing the government to clearly signal whether it plans to raise its biodiesel blending requirement after a surprise move to temporarily cut it this month.

Soybean prices declined more than 3 per cent on Monday as traders trimmed their positions amid weak demand in the spot market.

Brazil produced 639.9 million liters of biodiesel in March, an increase of 16.3% from 550.3 million liters in March 2020, the ANP said. March's biodiesel production also advanced 21.9% from February's 524.9 million liters.

UOP provided technology licensing, basic engineering, specialty equipment, catalysts and training for the project in Gela, which has a production capacity of 750,000 metric tons per year (m.t./yr) of HVO (Hydrotreated Vegetable Oil) biofuel.

Malaysian palm oil futures rose 1.2% on Monday, as it tracked gains in soyoil on the Chicago Board of Trade (CBOT) which reached multi-year highs on tightening supplies.

Palm oil may fall more to 3,859 ringgit per tonne, as it has broken a support at 3,945 ringgit.

The government will not accept any price hike, especially during Ramadan. Any company found to sell edible oil at higher than the rates fixed will have to face stern actions, said AHM Shafiquzzaman, additional commerce secretary.

Edible oil prices have risen for a third time in two months, making it even more difficult for low-income groups to afford the essential cooking ingredient amidst the ongoing coronavirus pandemic.