Berita Arkib

KUALA LUMPUR: Malaysian palm oil futures slumped as much as 2.8% on Wednesday, hitting a one-week low, amid anticipation of an increase in production and bleak demand outlook.

JAKARTA, Aug 18 (Reuters) - Indonesia’s trade surplus widened slightly more than expected in July as growth in exports and imports slowed, data from the statistics bureau showed on Wednesday, as the country imposed mobility restrictions to control a spike in COVID-19 cases.

MUMBAI (Reuters) - India has allocated 110 billion rupees ($1.48 billion) to boost domestic palm oil production to 2.8 million tonnes by 2029-30, Agriculture & Farmers Welfare Minister Narendra Singh Tomar said on Wednesday.

KUALA LUMPUR, Aug 18 (Reuters) - Malaysia’s Sime Darby Plantation reported a second consecutive quarterly net profit on Wednesday, on higher palm oil prices, and said that it expects prices — which have scaled record highs in recent weeks — to remain firm.

HYDERABAD: Urging Union Minister for Finance and Commerce Nirmala Sitharaman not to levy 30 per cent import duty on oil palm seedlings by including it under ‘palm nuts’ code, Agriculture Minister S Niranjan Reddy suggested that it be kept under the earlier code of ‘fruit seeds for planting and sowing’ as been the case till 2019 when import duty was five per cent. Niranjan Reddy wrote a letter the Union Minister on Tuesday, stating that the farmers could be encouraged to shift to oil palm cultivation, for which the State government has set a target of 20 lakh acre cultivable area in the next three years, if input costs, especially to procure seedlings, were kept low.

Malaysia's bourse is targeting October to launch its East Malaysian crude palm oil contract, which is expected to benefit traders in the nation's two largest palm producing states, its derivatives exchange told Reuters.

International vegetable oils expert Thomas Mielke expects crude palm oil (CPO) to undergo a price correction of between 15% and 20% by the end of the year

Malaysian palm oil futures reversed early gains on Tuesday as profit-taking and a sharp decline in August exports pulled down prices from record highs scaled last week.

The government on Tuesday notified tax refund rates under the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme that will cover as many as 75% of tariff lines, ending months of uncertainties over the actual coverage and magnitude of relief under the programme.

Palm oil may retest a resistance at 4,501 ringgit per tonne, a break above which could lead to a gain into 4,557-4,649 ringgit range.

The research house maintains its S$0.25 price target which is still based on a 20 per cent discount to its estimated sum-of-parts value, despite raising earnings per share forecasts to reflect higher CPO prices and downstream profit margins.

Malaysian palm oil futures reversed early gains on Tuesday as profit-taking and a sharp decline in August exports pulled down prices from record highs scaled last week