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PALM OIL NEWS 2020

KUCHING: The federal government has been urged to set RM500 per tonne as the floor price for the selling of palm oil in the country.
Hulu Rajang MP Datuk Wilson Ugak Kumbong said, “Yesterday (Tuesday), when I debated on the supplementary budget for the Ministry of Plantation Industries and Commodities, I urged them to set the floor price of palm oil at RM500 per tonne and not less than that.

KUALA LUMPUR: The anticipation of tight supply of palm oil will continue to support crude palm oil (CPO) prices of up to RM2,800 a tonne this month, say analysts.
CPO prices have gained more than 19% over the past month to settle at RM2,853 a tonne.
“We expect CPO prices to trade in the range of RM2,400-RM2,800 per tonne in August due to the current tight stock situations and at an average of RM2,300 per tonne for 2020,” CGS-CIMB Securities said.

KUALA LUMPUR, Aug 10 — Malaysia's total palm oil stocks fell 10.55 per cent to 1.698 million tonnes in July from 1.898 million tonnes recorded in the previous month, says the Malaysian Palm Oil Board (MPOB).

KUALA LUMPUR: The Ministry of Plantation Industries and Commodities (MPIC) through the Malaysian Palm Oil Board is collaborating with the Ministry of Science, Technology and Innovation to develop the latest machinery and technology for the oil palm plantation sector.

Minister Datuk Dr Mohd Khairuddin Aman Razali (pix) said the innovations would reduce the sector’s dependence on foreign labour.
“The ministry is also moving to promote oil palm cultivation among the indigenous people and draw their interest in working in the plantations, and Gerik in Perak has been selected for this pilot project,” he said at the Dewan Rakyat today.

MUAR, Aug 9 — The palm oil price which stands at RM2,800 per tonne currently provides opportunities for the industry and oil palm planters to generate higher revenue from the sale of their products.
Plantation Industries and Commodities Minister Datuk Mohd Khairuddin Aman Razali said the increase in the commodity price had boosted the country’s palm oil export which recorded a six per cent rise for the January to June 2020 period and contributed an export value worth RM22.57 billion.