Berita Arkib

Malaysian palm oil futures charted their first rise in three sessions on Thursday, tracking gains in the performance of rival edible oils on the Chicago Board of Trade (CBOT) and China's Dalian Commodity Exchange.

Some of the surplus of crude palm oil output is expected to be absorbed by the energy sector, helping to offset falling long-term prices due to the rise of palm-based methyl ester stocks, also known as biodiesel or B100

Global consumer goods firm Unilever has suspended sourcing from an Indonesian-based palm oil supplier which was found to be in breach of policy on deforestation and peatland clearance. Ongoing deforestation and peatland clearance by Sawit Sumbermas Sarana (SSMS) and its subsidiaries was demonstrated through satellite images in a recent investigation by Chain Reaction Research.

Palm oil on the European vegetable oils market was firmer on Thursday, helped by positioning ahead of USDA data on Friday and gains in Malaysian palm oil futures, which tracked strength in rival soyoil.

Palm oil may fall into a range of RM2,179-2,223 per tonne over the next three months, as suggested by its wave pattern and a Fibonacci ratio analysis.

OCBC Bank has downgraded the outlook for crude palm oil (CPO) futures to RM2,250 per tonne by year-end, given the weaker prices of late.

Government and Unilever today announced a Joint Vision to transform the Twifo Oil Palm Plantation (TOPP) into a state-of-the-art sustainable palm oil plantation.

The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Thursday, June 29

Malaysian palm oil futures reversed earlier gains to fall in the second half of trade on Wednesday, dragged down by expectations of rising production in the coming months.

Palm oil on the European vegetable oils market was offered mostly lower on Wednesday on expectations of increasing production in the coming months and declining demand.

The government may introduce palm oil chapters in the secondary school syllabus as part of initiatives to raise better awareness on commodities as well as to build up a more relevant talent pool for Malaysia’s economy.

Mentha oil prices drifted lower by 0.14 per cent to Rs 902.10 per kg in futures trade today as speculators trimmed positions, driven by sluggish demand from industries at the spot market.