ARKIB BERITA

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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.

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KUALA LUMPUR (Oct 11): Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives snapped last week’s winning streak and finished easier on Tuesday (Oct 11), after an official crop report showed that the inventory level is high, palm oil trader David Ng said.

He said the Malaysian Palm Oil Board report reflected on weak demand and rising production.

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KUALA LUMPUR (June 27): Malaysia is determined to foster a cordial engagement with the European Union (EU) in search of a win-win solution that can benefit the palm oil industry at large although the trade bloc has remained a staunch opposition of the palm oil trade since 2003.

Plantation Industries and Commodities Minister Datuk Zuraida Kamaruddin said Malaysia hopes to channel various updated information on the palm oil industry, in particular from the health/nutrition and sustainability fronts, to eradicate misconceptions of palm oil and its related products as evident in the widespread anti-palm oil campaigns in the EU.