Archived News

11/05/2022 (The Interpreter) - The global vegetable oils industry was stunned after Indonesia’s President Joko Widodo announced late last month that his country, the world’s largest producer of palm oil, would impose a ban on exports. While Jokowi, as the president is widely known, cited domestic shortages in cooking oil as his reason for the ban, the true picture is far more complex.

WASHINGTON, April 24 (Reuters): Indonesia's new palm oil export ban will hurt other countries but is necessary to try to bring down the soaring domestic price of cooking oil driven up by Russia's war in Ukraine, Indonesia's finance minister told Reuters during a special interview. Sri Mulyani Indrawati said that with demand exceeding supplies, the ban announced earlier on Friday is "among the harshest moves" the government could take after previous measures failed to stabilize domestic prices. "We know that this is not going to be the best result," for global supplies, she said in an interview on the sidelines of the International Monetary Fund and World Bank spring meetings. "If we are not going to export, that's definitely going to hit the other countries."

(April 25): Palm oil slumped on prospects that top producer Indonesia’s surprise ban of cooking oil exports will not be strict as feared.

KUCHING (April 16): Sarawak Oil Palm Plantation Owners Association (Soppoa) is urging the government to allow the hiring of workers from other countries aside from Indonesia.

KUALA LUMPUR (April 15): The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives improved further on Friday to close the week with the best weekly gains of the year amid worries over the tight supply outlook for the global vegetable oils market.

[KUALA LUMPUR] Malaysian palm oil futures extended gains on Friday (Apr 15), setting them on course for a second consecutive weekly jump, as concerns over tightening global edible oil supplies lingered in the wake of Russia's invasion of Ukraine.

KUALA LUMPUR • The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is expected to witness profit-taking activities next week after its recent strong performance.

Despite record imports of soybean oil in the first quarter, consumers are having to pay an additional Tk 36-38 for every litre of non-bottled soybean oil over the price set by the government.

MALAYSIA has offered to help ease a crisis in cooking oil supplies for the UK by selling it controversial palm oil.

IKIN LAGI LAGI

05.04.2022 (www.theedgemarkets.com) - KUDAT (April 5): As of February this year, 69 Sustainable Oil Palm Growers Cooperatives (KPSM) have been established throughout the country, said Deputy Minister of Plantation Industries and Commodities, Datuk Seri Dr Wee Jeck Seng.

02.03.2022 (www.thestar.com.my) - PONTIAN: A new system has been developed by the Malaysian Palm Oil Board (MPOB) to curb oil palm fresh fruit bunch (FFB) theft and unscrupulous activities involved in the buying and selling of the commodity.