Latest news with #MalaysianPalmOilAssociation
Bloomberg
14 hours ago
- Business
- Bloomberg
Job of Last Resort Puts Further Strain on Malaysia's Palm Sector
Malaysia's palm oil industry is grappling with a dwindling labor pool as workers increasingly shun physically demanding jobs at plantations, a trend that threatens to exacerbate production woes in the major grower. The sector has become the 'last choice' for foreign laborers — the backbone of the industry — and locals, who view the work as dirty, dangerous and difficult, said Roslin Azmy Hassan, the head of the Malaysian Palm Oil Association, an industry group. Many are choosing jobs in urban areas, he added.
Free Malaysia Today
27-05-2025
- Business
- Free Malaysia Today
M'sia to showcase sustainable palm oil practices to EU delegation
Plantation and commodities minister Johari Ghani said 85% of smallholders are now MSPO-compliant. KOTA KINABALU : The plantation and commodities ministry will brief the European Union (EU) on Malaysia's sustainable palm oil practices during a planned visit by an EU delegation between September and October. Minister Johari Ghani said while the EU had recognised the Malaysian Sustainable Palm Oil (MSPO) certification, Malaysia wants full acceptance of its sustainability and traceability systems, reported The New Straits Times. 'I'm waiting for them to visit so they can see firsthand how we implement our practices,' he said after launching the Malaysian International Cocoa Fair in Kota Kinabalu today. This came in response to the EU's recent classification of Malaysia as a 'standard risk' country under its Deforestation Regulation. The Malaysian Palm Oil Association had warned that this could hurt smallholders, even those compliant with MSPO. Johari stressed the importance of adopting sustainable practices, especially for exporters. While large companies already control and certify their full supply chains, 85% of smallholders are now MSPO-compliant, he said. He also said Malaysia was moving towards climate-smart agriculture in the cocoa sector and had begun a low-carbon cocoa feasibility study. Johari reaffirmed Malaysia's commitment to net-zero emissions by 2050, a 30% reduction in methane emissions by 2030, and maintaining at least 50% of forest cover which currently stands at 54%. 'We've implemented a no-deforestation policy and must maximise the land we have. Sustainable farming will lead to higher yields and better prices for farmers,' he said. Malaysia remains among the world's top five cocoa grinders, processing 370,000 tonnes of cocoa beans annually. Cocoa exports rose 29%, from 530,000 tonnes in 2023 to 690,000 tonnes in 2024, valued at RM15 billion. To address global cocoa shortages and boost farmer income, the government, through the Malaysian Cocoa Board, is working to revitalise plantations. Cocoa bean output rose 65% to 445 tonnes in 2024. Johari said Malaysia was focusing on premium cocoa varieties such as fine-flavour, single-origin, and organic beans to meet the growing global demand for quality and health-conscious products. 'This will help position Malaysia at the high end of the global cocoa value chain,' he said.
Business Recorder
23-05-2025
- Business
- Business Recorder
Palm logs weekly gain, expectations of higher output cap the rise
KUALA LUMPUR: Malaysian palm oil futures ended higher on Friday, and logged a weekly gain, though expectations of higher output capped their gains. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange gained 7 ringgit, or 0.18%, to 3,827 ringgit ($905.16) a metric ton at the close. The contract gained 0.18% this week. Crude palm oil prices erased most of the morning gains after the release of the Malaysian Palm Oil Association's (MPOA) production data for the May 1-20 period, a Kuala Lumpur-based trader said. The trader shared that MPOA estimated production during that period rose 3.51% month-on-month. Dalian's most-active soyoil contract rose 0.18%, while its palm oil contract shed 0.32%. Soyoil prices on the Chicago Board of Trade rose 1.16%. Malaysian palm oil extends losses Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market. Oil prices dropped for a fourth consecutive session on Friday and were set for their first weekly decline in three weeks, weighed down by rising expectations of another large OPEC+ output increase for July. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, strengthened 0.98% against the U.S. dollar, making the commodity more expensive for buyers holding foreign currencies.
Business Recorder
23-05-2025
- Business
- Business Recorder
Palm oil up ahead of leads on output data, poised for weekly gain
KUALA LUMPUR: Malaysian palm oil futures inched higher on Friday, and were on track for a weekly gain, as traders awaited further leads on output data. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange gained 24 ringgit, or 0.63%, to 3,844 ringgit ($904.90) a metric ton at the midday break. The contract has gained 1.13% so far this week. The market is waiting for the Malaysian Palm Oil Association's production data for May 1-20, which is due later in the day or early next week, a Kuala Lumpur-based trader said. Dalian's most-active soyoil contract rose 0.21%, while its palm oil contract shed 0.17%. Soyoil prices on the Chicago Board of Trade rose 1.36%. Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market. Oil prices slipped, weighed down by a stronger US dollar and the possibility that OPEC+ will further increase its crude oil output. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. Malaysian palm oil extends losses The ringgit, palm's currency of trade, strengthened 0.56% against the US dollar, making the commodity more expensive for buyers holding foreign currencies. Palm oil may test resistance of 3,883 ringgit per metric ton, a break above which could open the way toward 3,927 ringgit, Reuters technical analyst Wang Tao said.
Business Recorder
25-04-2025
- Business
- Business Recorder
Malaysian palm oil futures barely changed
JAKARTA: Malaysian palm oil futures ended barely changed on Thursday as market participants awaited cues amid support from rival vegetable oils, although a strong ringgit and rising production limited gains. The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange lost 1 ringgit, or 0.02%, to 4,036 ringgit ($923.57) a metric ton by at closing. The contract traded between 4,005 ringgit and 4,054 ringgit a ton in early trade, after closing at 4,037 ringgit in the previous session. 'Today crude palm oil futures is still consolidating after yesterday's supportive demand news from India and rising production from Malaysian Palm Oil Association,' a Kuala Lumpur-based trader said, adding the market is awaiting further cues. However, rising production and a stronger Malaysian ringgit, the contract currency of trade, may cap the price rally, the trader said. The ringgit strengthened 0.41% against the US dollar on Thursday, making the contract less attractive for foreign currency holders. Dalian's most-active soyoil contract was up 0.59%, while its palm oil contract gained 0.98%. Soyoil prices on the Chicago Board of Trade (CBOT) rose 0.62%. Palm oil tracks price movements of rival edible oils as it competes for a share of the global vegetable oils market. India has started raising palm oil purchases after a five-month lull as a correction in prices made the tropical oil cheaper than rival soyoil, encouraging refiners to place orders to replenish inventories, four dealers told Reuters.
