Latest News

MARKET DEVELOPMENT
29-12-2023

CPO futures end lower, tracking soybean oil weakness on CBOT

28/12/2023 (The Edge Malaysia), Kuala Lumpur - Crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended lower on Thursday, tracking the weakness of soybean oil on the Chicago Board of Trade (CBOT), said a dealer.

OILS & FATS
29-12-2023

Economic Importance Of Nigeria’s Palm Oil

27/12/2023 (Voice of Nigeria) - The historical trajectory of Nigeria’s palm oil industry is noteworthy, having once been the world’s leading producer in the early 1960s with 43% global market share. However, a shift occurred around 1966, when Malaysia and Indonesia surpassed Nigeria, relegating it to the 5th position with less than 2% of the total global market production of 74.08 million MT.

MARKET DEVELOPMENT
29-12-2023

Global staple food supplies in 2024 to be strained by dry weather, export curbs

27/12/2023 (The Straits Times), Jakarta - High food prices in recent years have prompted farmers worldwide to plant more cereals and oilseeds, but consumers are set to face tighter supplies well into 2024, amid adverse El Nino weather, export restrictions and higher biofuel mandates.

MARKET DEVELOPMENT
28-12-2023

Mobilising Sarawak’s youth in the palm oil industry

27/12/2023 (The Borneo Post), Kuching - As Malaysia’s palm oil industry looks to press its global advantage, Pertubuhan Transformasi Dayak (Trada) called on the youth of Sarawak to help play a key part in extending Malaysia’s lead in sustainable palm oil.

MARKET DEVELOPMENT
28-12-2023

Indonesia promises to fine palm oil companies operating in forests

27/12/2023 (Climates Change News) - Indonesia said on Friday that it would slap palm oil companies operating within forest areas with fines amounting to a total of 4.8 trillion rupiah ($310.1 million).

MARKET DEVELOPMENT
28-12-2023

VEGOILS-Palm settles higher on stronger rival oils, low trading caps gains

27/12/2023 (Nasdaq), Kuala Lumpur - Malaysian palm oil futures rose for a second session on Wednesday, with strength in rival edible oils underpinning the market, although low trading volumes capped the gains.

MARKET DEVELOPMENT
28-12-2023

Developing cooking oil industry

28/12/2023 (Financial Express) - At a time when soybean oil is gaining popularity over palm oil, investment in crushing soy seeds for producing finished cooking oil in local refineries makes business sense. No wonder, companies which were used to refining imported crude oil see the opportunity of crushing soybean for supplying semi-raw materials to their existing refineries by setting up grinding mills of larger capacities. In fact, the City Group made its tentative entry into the crushing business as early as 2005 by installing a mill with a capacity of 1,000 tonnes per day (TPD). Currently, its three mills have a total capacity of 7,800 TPD. Meghna follows close behind with a capacity of 7,000 TPD. What is remarkable is that both refinery giants now get 30-40 per cent supply of their total crude oil from their own crushing plants. It is good to know that more companies are following in their footsteps.

MARKET DEVELOPMENT
28-12-2023

Consumers find relief from boiling oil prices in 2023 even after CPI rises

27/12/2023 (Business Standard) - As global prices of edible oil saw a steep correction in 2023 providing relief to consumers, prices were on the boil last year being one of the main drivers of food inflation.

MARKET DEVELOPMENT
27-12-2023

Palm oil prices seen rebounding in 2024

In Malaysia, Platts reports that palm oil prices are expected to recover next year thanks to increased demand following increases in biodiesel blending worldwide, while palm oil production is likely to remain stagnant in Indonesia and Malaysia.

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