NEWS FEED
  • 24 May, 2019
    Palm oil extends losses on EU rule, weaker soyoil
    Crude palm oil (CPO) prices dropped for a second day as the market was pressured by lower soybean oil prices as well as the European Union’s publication of limits on the use of the tropical oil in biofuels that will start next month. The EU published a regulation setting new criteria for the use of palm oil in biofuels. The rules, which will have a certification system and restrict the types of biofuels from palm oil that may be counted toward the EU renewable-energy goals, will come into force on June 10.
  • 24 May, 2019
    Malaysia will continue to promote palm oil in Europe — Teresa
    The Primary industries Ministry will hold a meeting with members of the European Parliament and European Council in October in its mission to promote the country's palm oil, said its Minister Teresa Kok. “We have to wait for the the election results and I will be visiting Europe in October to meet their MPs and the new European Commissioner.
  • 23 May, 2019
    Extra boost for Sabah oil palm
    Sabah’s oil palm industry received a shot in the arm with the recognition of Lahad Datu Palm Oil Industrial Cluster (POIC) as a palm oil tender port. The status not only means an additional port and bulking facilities at Lahad Datu, but also direct benefits to palm oil sellers and buyers, as well as lift the east coast town’s profile in the global edible oil map. “It will facilitate the development of the palm oil downstream industry…generate new investment and employment opportunities in the east coast,” said Chief Minister Datuk Seri Shafie Apdal. He was officiating a three-in-one event, namely the launching of the POIC bulking installation located at POIC Lahad Datu, designation as a tender port (i.e. delivery point) and signing of service agreement between POIC Sabah Sdn Bhd and Asia Pacific Exchange Pte Ltd (Apex) at Shangri-La Tanjung Aru Resort and Spa, Tuesday.
  • 23 May, 2019
    Malaysian palm oil price drops 2pct on technical selling
    Malaysian palm oil futures closed nearly 2% down on Tuesday, retreating from a three-week high hit in early trade as technical selling and concern over higher than expected production weighed on prices. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange finished 1.95% down at 2,057 ringgit ($491.58) a tonne for its sharpest daily decline in more than a fortnight. The drop was also palm's first day of losses in six.
  • 21 May, 2019
    Palm oil slips from 3-week high on output woes
    Malaysian palm oil futures eased at the midday break on Tuesday, after hitting a three-week high in early trade, as higher production concerns for the month of May weighed down on prices. Benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange was last down 0.6% at RM2,086 (US$498.57) per tonne at the midday break. It earlier rose as much as 0.8% to RM2,115, its strongest level since April 30.
  • 17 May, 2019
    Malaysian palm oil price jumps more than 2pct on higher demand, stronger soyoil
    Malaysian palm oil futures rose to a more than two-week high on Thursday evening on better demand for the edible oil, moving up for the fourth straight day as they tracked gains in soyoil on the U.S. Chicago Board of Trade. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange was last up 2.5% at 2,096 ringgit ($503.48) a tonne.
  • 16 May, 2019
    Palm oil price at week high on stronger soyoil, weaker ringgit
    Malaysian palm oil futures climbed to a one-week top in early trade on Wednesday, in line to chart a third consecutive day of gain, as it tracked an increase in U.S. soyoil on the Chicago Board of Trade (CBOT) and a weaker ringgit.
  • 16 May, 2019
    Teresa Kok: Europe offers better opportunities for palm oil market
    In the face of the impending passing of the Delegated Act to phase out palm oil by the European Union, Primary Industries Minister Teresa Kok is positive that all is not lost as her European mission on palm oil has opened more doors for negotiations. The minister, with her entourage of senior officials from the ministry, Malaysian Palm Oil Board (MPOB), Malaysian Palm Oil Council (MPOC) and Malaysian Palm Oil Certification Council (MPOCC) were on a 10-day trip between May 3 and May 13 to London, Brussels, Berlin and Rome, where they met senior officials in their mission to explain Malaysia’s stand on the palm oil situation.
  • 15 May, 2019
    Malaysian palm oil price climbs more than 1pct as ringgit weakens
    Malaysian palm oil futures rose more than 1% for a second day of gains on Tuesday, supported by a weaker ringgit and expectated higher demand in May. The ringgit, palm's currency of trade, weakened by 0.2% against the dollar on Tuesday evening. A weaker ringgit usually supports palm oil by making it cheaper for foreign buyers. The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange gained 1.5% at 2,014 ringgit ($483.09) a tonne at the close.
  • 15 May, 2019
    Malaysia keeps June crude palm oil export duty at 0pct
    Malaysia kept its export duty on crude palm oil for June unchanged 0%, according to a circular on the Malaysian Palm Oil Board's website on Tuesday, citing the national customs department. The duty has been at 0% since September.