MEDIA & RESOURCE CENTER

Palm oil extends losses on EU rule, weaker soyoil

24-May-2019
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.

Malaysia will continue to promote palm oil in Europe — Teresa

24-May-2019
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.

Extra boost for Sabah oil palm

23-May-2019
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.

Malaysian palm oil price drops 2pct on technical selling

23-May-2019
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.

Palm oil slips from 3-week high on output woes

21-May-2019
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.
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