CPTPP, ringgit movement and improved labour bolster palm oil sector
KUALA LUMPUR: The accession of the United Kingdom to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), improved labour conditions and a softer ringgit are expected to be the catalysts for the palm oil sector to be fruitful in the second half of 2023 (2H 2023). While a weaker ringgit, which is currently trading […]
Ceiling price for 5kg cooking oil set at RM33.50
PUTRAJAYA: The ceiling price of a five-kilogramme bottled cooking oil will be reduced to RM33.50 from RM34.70, from Sept 8 to Oct 7, said chairman of the Special Task Force on Jihad against Inflation Tan Sri Annuar Mus Cooking oil sold in 3kg bottles will be reduced to RM21.10 from RM21.70, 2kg bottles from RM14.70 […]
Sarawak keeps top spot as CPO producer
KUCHING: Sarawak has for the second consecutive month maintained its position as the No 1 producer of crude palm oil (CPO) among states in Malaysia, with output of 329,664 tonnes in June 2022 (June 2021:327,423 tonnes). In May, Sarawak recorded CPO production of 325,899 tonnes. For the first six months of 2022 (6M2022), Sarawak CPO output […]
Sarawak’s CPO monthly production falls sharply
KUCHING: Sarawak’s crude palm oil (CPO) monthly production has fallen sharply at the start to the new year, slipping to 272,534 tonnes in January 2022 from 340,860 tonnes in December 2021 or down by 68,326 tonnes or 20 per cent. Last month’s output was also lower as compared to 280,769 tonnes in January 2021, according […]
India imports 275,915 tonnes of Malaysian palm oil in June
By Shakir Husain NEW DELHI: India imported 275,915 tonnes of palm oil from Malaysia in June, according to the latest data from an industry group. The country’s total edible oil imports last month were 969,431 tonnes, with palm oil’s share being 61 per cent, the Mumbai-based Solvent Extractors’ Association of India (SEA) said. Overall edible […]
India reduces import duty on crude palm oil
By Shakir Husain NEW DELHI: The Indian government has reduced its import duty on crude palm oil (CPO) from 15 per cent to 10 per cent amidst the high domestic edible oil prices. The new tax rate will be effective from June 30 to Sept 30, 2021, according to a notification on Tuesday. The effective […]
CPO may hit RM3,800 per tonne in Q3, Q4 2021
KUALA LUMPUR: Crude palm oil (CPO) price may hit RM3,800 per tonne in the third (Q3) and fourth quarters of 2021, leading to an average price of RM3,678 per tonne this year for the commodity, said OCBC Bank. The bank’s commodity outlook report for 2021, released today, showed that CPO touched RM3,612 per tonne in […]
India’s new agro tax to remove ‘palm oil advantage’
NEW DELHI: A new agriculture tax introduced by the Indian government will remove the “undue advantage” enjoyed by palm oil in the local market, according to an industry group. India had reduced the import duty on crude palm oil (CPO) from 27.5 per cent to 15 per cent, effective Feb 2, 2021 in its Budget […]
Malaysian CPO stocks up 9.76 pct in January
KUALA LUMPUR: The Malaysian crude palm oil (CPO) stocks rose 9.76 per cent to 640,781 tonnes in January 2021 from 583,811 tonnes in December 2020, according to the Malaysian Palm Oil Board (MPOB). The processed palm oil stocks, however, only grew by 0.34 per cent month-on-month (m-o-m) to 684,182 tonnes from 681,887 tonnes previously, MPOB […]
India’s import duty revision reduces CPO competitiveness
KUALA LUMPUR: Research firms believe that India’s import duty hike on crude palm oil (CPO) will reduce the price competitiveness of the commodity against other edible oils in the country, resulting higher cooking oil price with higher duties. CGS-CIMB, in a research note on Wednesday, said the move would be a negative development for palm […]
