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CPO price forecast to climb for rest of the year
CPO FUTURES HIT TWO-YEAR HIGH ON BULLISH SENTIMENT, STRONG EXPORTS
Positive growth for plantation sector, amid rising CPO prices
Global Stearic Acid Prices Climb Amid Palm Oil Shortages and Rising Production Costs
EU palm oil prices dip amid export woes and growing stockpiles
26/10/2023 (Mintec Global) - In recent developments as of 25th October, the Crude Palm Oil (CPO) CIF Rotterdam, as assessed by Mintec under the code CPOR, now stands at $884.50 per metric tonne, marking a significant decrease of $16.00 per metric tonne. This price decline is attributed to the increasing stock levels and a notable reduction in demand.
MPOC bags RM182 mil potential sales during African buyers' visit
25/10/2023 (The Edge Malaysia), Kuala Lumpur - The Malaysian Palm Oil Council (MPOC) has bagged total estimated potential sales of RM182 million during a visit by several African oils and fats companies recently.
Grain market review: Oilseeds
25/10/2023 (World Grain), London - There’s been a slight decline in oilseeds prices, alongside a larger drop for soy oil, as harvests pressure the market in the face of slow demand.
Increasing Nigeria’s palm oil production
25/10/2023 (Nigerian Tribune) - CURRENTLY, Nigeria occupies the fifth position in the league of palm oil-producing countries, with 1.5 per cent or 1.03 million metric tonnes of the world’s total output, according to the United States Department of Agriculture (USDA). Edo State is already home to two of the biggest oil palm companies in Nigeria – Okomu plc and Presco plc, but Governor Godwin Obaseki’s push for more investment led to the injection of $531.2m by investors to develop greenfield oil palm projects across various locations in the state. These projects include developments by Agro-allied Resources and Processing Nigeria Limited (ARPN), with a 12,000ha plantation; Saro Oil Palm with over 10,000ha integrated farm and Fayus, with 5,000 ha farm, among others. Governor Obaseki of Edo State is set to return Nigeria to world’s leading producer of palm oil. Edo palm oil programme which engages more than 8 palm oil companies have invested in palm oil production in Edo. Governor Obaseki has started the project of expanding Edo State palm oil development to boost Nigeria’s palm oil production in the global 73.23 million metric tonnes.
Indonesia prepares strategies to deal with EUDR: Ministry
25/10/2023 (Antara News), Jakarta - The Indonesian government is preparing various strategies to deal with the implementation of the European Union Deforestation-free Regulation (EUDR), the Coordinating Ministry for Economic Affairs stated.
VEGOILS-Palm oil rebounds despite export decline, strong ringgit
25/10/2023 (Nasdaq), Singapore - Malaysian palm oil futures staged a rebound and rose at closing on Wednesday, though a decline in exports and strengthening ringgit capped gains.
Lower CPO output in 2024 likely to lift price sentiment
25/10/2023 (The Star Online), Petaling Jaya - The high palm oil stockpile in major palm producing countries that will likely peak soon, favourable palm oil–gas oil (Pogo) spread and lagged impact of El Nino on palm production, are expected to support crude palm oil (CPO) price from 2024 onwards.
PIPOC 2023 to deliberate on Palm Oil outlook
24/10/2023(New Straits Times), Kuala Lumpur - The International Palm Oil Congress and Exhibition 2023 (PIPOC 2023), hosted by the Malaysian Palm Oil Board (MPOB), is set to uncover in-depth insights on the outlook for the oil palm industry.
Indonesia investors to help Tanzania boost palm oil output
23/10/2023 (The Citizen), Jakarta – Palm oil production in Tanzania is set for a major boost should plans outlined with the support of Indonesia come to fruition.
