Plantation players rejoice over higher palm oil price amid pandemic-hit year
KUALA LUMPUR: The majority of plantation players have recorded stellar net profit in 2020 while some companies have substantially trimmed their losses, thanks to the higher palm oil price amid a pandemic-hit year. Plantation experts expected the momentum to continue in 2021 especially since the country’s palm oil inventory stood at a 40-month low of […]
CPO prices to offset weakness in FFB production
KUALA LUMPUR: The strong crude palm oil (CPO) prices in the near-term may be beneficial to compensate for any marginal decline in fresh fruit bunches (FFB) production of oil palm plantations, according to Matang Bhd. In its Annual Report 2020, the plantation company said population growth and higher demand from key markets such as China […]
Oil palm plantation owners appeal for workers
KUCHING: The palm oil industry in Sarawak is critically short of workers. This will cause a heavy impact on the financial performances of plantation companies as well as expected revenue in the form of cess, duties, and taxes in the coming months. According to the Sarawak Oil Palm Plantation Owners Association (Soppoa), the shortage was […]
Palm oil industry rejoice as economies reopen
KUALA LUMPUR: After a dramatic slowdown in the first quarter due to the coronavirus lockdown imposed by countries across the globe, the palm oil bulls are on the move again and ready to charge the market in the second quarter onwards. As businesses throughout the world are allowed to resume operations again, this would only […]
Tax exemption augurs well for palm oil industry
KUALA LUMPUR: Covid-19 hit oil palm smallholders and companies can heave a sigh of relief overt a tax exemption provided under the National Economic Recovery Plan (Penjana) that was aimed at managing the country’s stock level and stabilise the crude palm oil (CPO) price. The government on Friday announced a 100 per cent exemption on […]
Malaysia’s CPO price may stay higher if export to India is maintained
KUALA LUMPUR: Malaysia’s crude palm oil (CPO) futures benchmark price may trade higher in June and July at RM2,400 per tonne if the world’s second largest edible oil producer maintains its higher export figures, including its export to India, Palm Oil Analytics owner and co-founder Dr Sathia Varqa said. However, as production reach its peak from August until October, the commodity […]
Malaysia zero-rates CPO export duty for June 2020
KUALA LUMPUR: Malaysia has reduced its export duty on crude palm oil (CPO) to zero for June 2020 from this month’s rate of 4.5 per cent, according to the Malaysian Palm Oil Board (MPOB) website. The tax was exempted for most of last year — from May 1 to Dec 31 — but it was reinstated at a rate of five […]
India’s import tax on crude palm oil unchanged from Asean
NEW DELHI: India’s Finance Ministry has issued a notification that says the import tax on crude palm oil (CPO) will be 44 per cent, but trade sources point out there is no change in the existing duty structure on cargoes from Asean. “In the (Indian federal) budget notification, import duty is mentioned as 44 per […]
India’s latest tax revision makes palm oil more competitive
KUALA LUMPUR: New Delhi’s latest tax revision has made palm oil more competitive against the alternatives such as sunflower oil and soybean oil, which have the narrowest spread in 10 years that will boost refined palm oil exports to India in the coming months, Public Investment Bank said. As part of a bilateral agreement, India’s Ministry of […]
CPO futures skyrocket to 3-year high on lower output
KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives crossed above the RM3,000 level Friday, the highest in three years, driven by lower output and the recent announcement on biodiesel mandates in Indonesia and Malaysia. Singapore-based Palm Oil Analytics owner and co-founder Dr Sathia Varqa said CPO futures rose sharply, soaring […]
