Berita Arkib

Malaysian palm oil futures dropped nearly 5% to a more than five-week low on Wednesday, dragged down by expectations of rising palm oil supply and lower partial export data estimates.

AN INSPECTION conducted by the Ministry of Domestic Trade and Consumer Affairs (KPDNHEP) revealed that only 163 out of 166 cooking oil items have maintained their prices while the profit margin remains consistent.

The future profitability of FGV Holdings Bhd milling division will hinge on the spot crude palm oil (CPO) price premium against CPO future prices, as well as the oil extraction rate (OER) of its mills.

Bursa Malaysia opened higher today, rebounding from yesterday’s downtrend following the government’s announcement on vaccinations for workers in the critical economic sectors under phase four of the National Covid-19 Immunisation Programme.

US soyabean futures dropped 1.1% on Wednesday on a round of profit-taking after rallying on Tuesday, traders said.

Malaysia's palm oil ending stocks could exceed 1.6 million mt in May, which would represent the highest level since September, as a pandemic-led slowdown in India and the arrival of new Brazilian soybeans into China dampened exports in the second half of the month, according to a survey conducted by S&P Global Platts.

Malaysian palm oil giant Kuala Lumpur Kepong (KLK) Bhd has made an offer to buy IJM Corporation Bhd’s entire stake in IJM Plantations Bhd for 1.53 billion ringgit, IJM Corp said on Wednesday.

Palm oil may test a resistance at 4,010 ringgit per tonne, a break above which could lead to a gain to 4,282 ringgit.

The price of edible oil rose to 10-year highs in May 2021 as the monthly average retail price of cooking oils surged over 60 percent in a year, further troubling the consumers already reeling under the economic and health distress following the coronavirus outbreak.

Malaysia's key crude palm oil (CPO) numbers are expected to strengthen in 2021 over the last year levels, led by the industry's improved prospects from favorable weather conditions and better yields, said Malaysian Palm Oil Board's Director General Ahmad Parveez Ghulam Kadir.

IJM Plantations Bhd and Kuala Lumpur Kepong Bhd (KLK) have requested for suspension of trading of their shares effective 2.30pm today, pending an announcement.

President of the Artisanal Palm Oil Millers and Outgrowers Association of Ghana, Paul Kwabena-Amaning, has said the oil palm industry in Ghana can feed the whole of Europe if the government invests in the sector.