Crude Palm Oil (CPO) Futures Market
The benchmark January crude palm oil futures contract closed on Bursa Malaysia Derivatives (BMD) at RM2,260 a metric ton, up MYR70 or 3.2%, after trading in the range of MYR2,207- MYR2,273/ton.
CPO prices rose sharply after crude oil prices broke the $80 a barrel resistance to close at $80.32 a barrel.
Cash palm olein for January/February/March was traded at $687.50/ton. Cash CPO for prompt shipment was offered MYR80 higher at MYR2,240/ton.
Closing BMD Crude Palm Oil (CPO) futures prices in MYR/ton at 1000 GMT:
Month Close Previous Change High Low Nov 09 2,200 2,110 Up 90 2,215 2,150 Dec 09 2,232 2,167 Up 65 2,243 2,175 Jan 10 2,260 2,190 Up 70 2,273 2,207 Feb 10 2,280 2,210 Up 70 2,295 2,232
Malaysia Palm Oil News
Malaysia’s state owned plantation firm, Felda, has put on hold plans to cultivate between 3,000 – 5,000 hectares of oil palm plantations in Brazil due to technical and environmental issues. A joint venture with a Brazilian company announced last year would have seen 100,000 hectares developed near the Amazon by Felda.
The Roundtable on Sustainable Palm Oil (RSPO) envisioned a bright future for palm oil following its sixth general assembly in Kuala Lumpur. Proposed resolutions for the RSPO to commission a working group to establish a system to share the cost of sustainable palm oil certification for small holders had been well accepted.
Thailand Palm Oil News
Thailand will replace 815,000 hectares of rubber plantation in the south with oil palm in view of the heavy rains in the southern region which is more favourable for oil palm, according to the director general of the Department of Agriculture.
Indonesia Palm Oil News
PT Astra Agro Lestari (AALI.JK) sold 5,500 metric tons of CPO. The company withdrew its offer to sell 3,000 tons, FOB Belawan/Dumai, as bids were lower than the offer price of IDR6,575/kg.
PT Perkebunan Nusantara sold 12,000 metric tons of CPO offered in a government auction and withdrew its offer to sell 3,000 metric tons as bid prices were lower than the offer price of IDR6,350-IDR6,450/kg.
Indonesia has set aside 8%, or 2 million, of its 25 million hectares of peatlands for oil palm estates despite protests from green groups that peatland conversions accelerates climate change.
India Palm Oil News
Ruchi Soya Industries Ltd, India’s biggest edible oil importer, will increase its palm oil refining capacity by 1 million metric tons to 3.2 million metric tons in the next 2 years, according to its CFO, Suresh Kumar.
World Palm Oil News
United Biscuits, Europe’s biggest biscuit manufacturer, has signed a two year contract to purchase certified palm oil from New Britain Palm Oil, which sources its palm oil from Papua New Guinea and is fully certified according to RSPO principles. The higher price of sustainable palm oil certified by RSPO has resulted in only 19% of the 1 million metric tonnes available being purchased.
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