AGRICOMMODITY NEWS 2022

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https://www.bernama.com/en/market/news.php?id=2110105
Sumber: Bernama

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KUALA LUMPUR (June 20): The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives extended last week’s downtrend to closed lower on Monday (June 20), the lowest since Jan 17, weighed by weak market fundamentals.

Singapore-based Palm Oil Analytics’ owner and co-founder Sathia Varqa said the palm oil market was influenced by the weaker soya bean oil performance, dropping substantially in anticipation of improved supply.

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KUALA LUMPUR: Despite the sharp decline in crude palm oil (CPO) prices over the past three weeks, international palm oil expert Thomas Mielke foresees palm oil prices to rebound in the near term.

Speaking at a webinar organised by UOB Kay Hian (UOBKH) Research, Mielke who is ISTA Mielke GmbH (Oil World) executive director, said he expects CPO prices to recover and “the recent 30% correction in palm oil prices is not justifiable given the tight supply.”

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FITCH Ratings Inc expects a gradual decline in crude palm oil (CPO) prices on higher output, and assumes an average benchmark price of US$1,000 (RM4,220) per tonne in 2022, US$700 per tonne in 2023 and US$600 per tonne thereafter.

A prolonged Russia-Ukraine war may, however, keep prices elevated in 2022-2023.

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KUALA LUMPUR (Feb 15): The Council of Palm Oil Producing Countries (CPOPC) has developed a Global Framework of Principles of Sustainable Palm Oil (GFP-SPO) that aims to be a common language across different certification schemes applied to palm oil production anchored in the United Nations Sustainable Development Goals (UN SDGs) as its base.

The council said the framework could also be used to value the contribution of palm oil towards achieving sustainable development in all producing countries and shall lay the foundation for the establishment of a sustainable vegetable oil platform.