Berita Arkib

Malaysian palm oil futures rose late on Monday, charting their first session of gains in three, as the ringgit weakened and traders covered short positions.

Sensing trouble in the future for the arecanut market, some growers from the Malnad and coastal belts who have begun cultivating oil palm in small quantities have decided to take up extensive awareness drives, with the support of the authorities, to promote it as an alternative to arecanut.

SINGAPORE (Feb 6): The palm oil third-month contract looks neutral in a range of RM2,481-2,520 per tonne, and an escape could suggest a direction.

Bursa Malaysia will tweak the crude palm oil futures (FCPO) to facilitate tracebility as it aligns its processes with Malaysian Sustainable Palm Oil (MSPO), the national certification scheme.

Malaysian palm oil futures ended higher on Monday, first in three sessions, on short-covering, as ringgit weakened. Palm was also supported by short-covering and forecasts of lower output for January 2018.

Some farmers from coastal Karnataka have felt the need for exploring the possibilities of cultivating oil palm in the region for a better future.

The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Monday Feb 5.

KUALA LUMPUR: Maybank Investment Bank Research is maintaining its trading Buy for palm oil giant IOI Corp with an unchanged target price of RM5.03 on 29 times FY18 price-to-earnings ratio (PER), which is its historical five-year mean.

Palm oil exports from Indonesia to India, the world’s biggest buyer, will probably climb to the highest ever this year as strong demand counters higher import duties.

The research firm said KLK managements noted that the effect of the 2015 droughts have largely passed KLK estates and expect to see FFB production on a rising track at 5% to 6% in FY18.

Pakistan can be self-sufficient in edible oil production if the Olive Valley set up by Punjab government in Potohar region is promoted on scientific lines, said ambassadors of various countries including Tunisia, Morroco, Kenya, Sudan, Nigeria and Mauritius during their visit to Barani Agriculture Research Institute (BARI) Chakwal.

Malaysia has formed an alliance with eight other palm oil producing countries to champion the industry’s future to the European Union (EU).