Top palm oil producers said on Thursday that the industry is making strides towards transparency and sustainability across its supply chain despite campaigns against use of the oil.
Campaigners say that the industry is responsible for deforestation of tropical rainforests and human rights abuses and have initiated consumer boycotts of palm oil, which is found in everything from pizza to lipsticks.
However, such campaigns are hindering the industry's efforts to achieve sustainability certification and develop a market for certified sustainable palm oil (CSPO), top palm oil producers said during the Reuters Next conference.
SEREMBAN, Jan 13 -- The Ministry of Plantation Industries and Commodities (MPIC) will study the request by industry players in the timber, plantation and glove sectors for exemption from the government's freeze on foreign workers recruitment.
Its minister Datuk Dr Mohd Khairuddin Aman Razali noted that the request was made based on labour shortage that the three sectors were facing.
After Malaysia’s crude palm oil (CPO) inventory declined to a three-and-a-half-year low of 1.26 million tonnes in December 2020 from 1.56 million tonnes in November, analysts believe a seasonal production uptick, coupled with weaker export demand, will help replenish stocks and consequently drive prices down. In a note, MIDF Research projected CPO prices will continue to increase in the first quarter of 2021 (1Q21) on the back of anticipated supply tightness and higher export demand. However, it presumes CPO prices will soften in the second half of this year (2H21) due to better production levels and lower export demand.