Edition:
United Kingdom

Emily Chow

India's duty hike blunts appetite for refined Malaysian palm oil

05 Sep 2019

KUALA LUMPUR/MUMBAI India's demand for Malaysian refined palm oil is likely to drop sharply in October following a tax hike, curtailing further exports from the Southeast Asian country and leading to higher inventories.

Malaysia's top supermarket chain bans 'palm-oil-free' products, government urges others to follow

05 Sep 2019

KUALA LUMPUR Malaysia's biggest supermarket chain Mydin has removed products labeled palm-oil-free from its stores, its top executive said on Thursday, as part of a campaign by the world's second-largest producer of the oil to protect the commodity's image at home and abroad.

PREVIEW-Malaysia Aug palm stocks set to hit 13-month low - Reuters survey

05 Sep 2019

* Aug. stocks seen edging down 7.1% to 2.22 mln T -survey * Output seen slightly up 1.8% at 1.77 mln T -survey * Exports forecast to rise 14.5% to 1.70 mln T -survey * Malaysian Palm Oil Board data due Sept. 10 By Emily Chow KUALA LUMPUR, Sept 5 Malaysian palm oil stockpiles are forecast to fall for a sixth straight month in August to the lowest in more than a year, as stronger exports outpace a slight rise in output, a Reuters survey showed. Inventories in Malaysia, the world's second-largest palm oil producer, are expected to fall 7.1% from the previous month to 2.22 million tonnes at end-August, the lowest since July 2018, according to a median estimate of seven planters, traders and analysts polled by Reuters. A further inventory decline could support benchmark palm oil prices, which rose to a seven-month high last week. Prices have since eased, but was last up 0.3% at 2,187 ringgit ($521.96) on Thursday evening. The expected drawdown in stocks was due mainly strong gains in exports, which were seen rising 14.5% from July to 1.70 million tonnes in August. It would be the second consecutive month of gains, and the sharpest monthly rise since March, with poll respondents pointing to increasing demand from India and China. India, the world's largest edible oils importer has posted a strong jump in imports of refined palm oil from Malaysia this year following a change in Indian duties. On Wednesday it boosted the tax for six months. China, another key edible oils buyer, has also been relying on palm as a soyoil substitute, as a trade war with the U.S. has curbed soybean imports after Beijing imposed tariffs on American cargoes. The survey pegged August output at 1.77 million tonnes, up 1.8% from the previous month, to the highest since December 2018, although three poll respondents forecast falling output. "Production in many regions was down month-on-month during the first half of August, partly due to the dry weather," said a manager at a plantations company, who declined to be named as he was not authorized to speak to the media. "However, rains during the last 10 days of the month, especially in East Malaysia, after a relatively long dry spell have given a boost in production." Poll respondents added that output would rise from now until the year-end, estimating peak production to be around October to November this year. Official palm oil data will be published by the Malaysian Palm Oil Board ‪after 0430 GMT on Sept. 10. The median results from the Reuters survey put Malaysia's consumption in August at 304,677 tonnes. Breakdown of August estimates (in tonnes): Range Median Production 1,668,000 - 1,830,000 1,770,000 Exports 1,570,000 - 1,722,851 1,700,000 Imports 40,000 - 80,000 65,000 Closing Stocks 2,110,000 - 2,420,000 2,222,000 * Official stocks of 2,391,677 tonnes in July plus the above estimated output and imports yield a total August supply of 4,226,677 tonnes. Based on the median of exports and closing stocks estimate, Malaysia's domestic consumption in August is estimated to be 304,677 tonnes. ($1 = 4.1900 ringgit) (Reporting by Emily Chow; editing by Richard Pullin)

Palm edges up on stronger overnight soyoil

04 Sep 2019

KUALA LUMPUR Malaysian palm oil futures rose over 1% on Wednesday before paring some gains, lifted by higher overnight prices of soyoil on the Chicago Board of Trade (CBOT) and a technical correction.

Palm slides to two-week low as U.S. soyoil, slowing demand growth weighs

03 Sep 2019

KUALA LUMPUR Malaysian palm oil futures fell over 2% at the close of trade on Tuesday, pressured by weaker export growth and losses in soyoil on the Chicago Board of Trade.

Malaysia's Sime Darby Plantation eyes specialty products for stability

03 Sep 2019

* Focus on specialty products to bring higher margins - Sime Darby Plantation executive

UPDATE 1-Malaysia's Sime Darby says to exit Liberia by end-2019

30 Aug 2019

KUALA LUMPUR, Aug 30 Malaysia's Sime Darby Plantation Bhd said on Friday that it has initiated talks with three parties on its plans to exit Liberia, and expects to divest its operations in the West African nation in the "next few months".

Palm snaps winning streak to fall on weaker related oils

27 Aug 2019

KUALA LUMPUR Malaysian palm oil futures retreated from a more than six-month high hit the previous session on Tuesday, tracking weaker related oils on the U.S. Chicago Board of Trade and China's Dalian Commodity Exchange.

Palm retreats on weaker overnight soyoil

23 Aug 2019

KUALA LUMPUR Malaysian palm oil futures fell on Friday after three straight sessions of gains, tracking weakness in overnight U.S. soyoil prices.

INSIGHT-Fearing tobacco's fate, palm oil industry fights back

21 Aug 2019

KUALA LUMPUR, Aug 21 On the morning of Feb. 26, executives from a Washington consultancy presented a strategy paper to some of the most powerful officials in the Malaysian palm oil industry.

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