Berita Arkib

Oil palm is alternatively seen as a gift from god or a crime against humanity; according to science, it is neither

KUALA LUMPUR (May 28): Malaysian palm oil futures rose 2% at end of trading on Tuesday to a one-week top, tracking gains in US soyoil on the Chicago Board of Trade (CBOT).

US-based cosmetics giant Estée Lauder has launched its first sustainability programme for palm oil supply chains, which will see the company work with Indonesian farmers to champion better social conditions and environmental conservation.

Indonesia has set its crude palm oil export tax and a separate export levy at zero for June, the trade ministry said on Tuesday

Malaysian palm oil futures rose as much as 1.5% on Monday, tracking overnight gains in soyaoil on the Chicago Board of Trade (CBOT) and supported by stronger export data. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange closed up 0.6% at 2,025 ringgit ($483.87) per tonne, having earlier snapped a three session losing streak to touch 2,044 ringgit.

The Indonesian Chamber of Commerce and Industry (KADIN) and the British Chamber of Commerce in Indonesia (BritCham) have rejected protectionist trade policies on palm oil, following the European Union’s latest move to phase out crude palm oil from biofuel by 2030.

Malaysia and Indonesia are expected to discuss further on retaliatory moves against palm oil restrictions on biofuel that will take effect on June 10 as propagated by members of the European Union (EU).

- Malaysian palm oil futures rose 1% in early trade on Monday, following three previous sessions of losses. Benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange was last up 1.1% at 2,036 ringgit ($486.73) per tonne.

Oil palm planters in Sabah are delighted with Chief Minister Datuk Seri Mohd Shafie Apdal’s announcement at a dialogue with business entrepreneurs in Sandakan that a proposed property assessment tax (PAT) on palm oil mills and labour quarters will not be implemented.

Growth of local industries in the oil palm sector is doomed following heavy importation of foreign brands, with a clear danger that a crash is imminent.

Palm oil may bounce more to RM2,049 per tonne, as it has broken a resistance of RM2,026.

A group of 10 non-governmental organisations (NGOs) are suing French conglomerate Bollore in a French court over commitments it made to residents and workers at its palm oil plantation in Cameroon.