Oil prices

Chief executive officer Datuk Dr Wan Zawawi Wan Ismail said the price forecast was based on uncertainties pertaining to the COVID-19 pandemic recovery, political situation and stimulus packages. "We forecast the average CPO price to be at RM3,846 per tonne for the first quarter and second quarter of 2021, ranging from a low of RM3,502 per tonne to a high of RM4,190 per tonne,” he said at the virtual Palm Oil Internet Seminar (POINTERS) 2021 today. He said palm oil exports are also expected to increase marginally from 17.39 million MT in 2020 to 17.5 million MT in 2021. "China, India, the European Union, ASEAN, Saudi Arabia, Africa, and the United States will be the major export destinations for Malaysia,” he pointed out. In March 2021, Wan Zawawi said the delivery price for CPO already exceeded RM4,100 per tonne despite the reinstatement of CPO export duties and the prices are expected to remain firm as concerns of supply limitations due to heavy rains in January and February ... » Learn More about MPOC: Moderate recovery seen for Malaysia’s palm oil exports in 2021

KUALA LUMPUR: Indonesia, the world's biggest palm oil producer, will increase its refined palm oil exports after raising taxes, leaving Malaysia to become more competitive in crude palm oil (CPO) exports, a leading industry analyst said on Monday. The reordering of palm oil trading follows Indonesia's decision last month to raise the export levy to a progressive system of US$55 to $255 per tonne of CPO, depending on price levels to generate funds for its palm-based biodiesel programme. This gives Indonesian refiners a sizeable advantage over rival Malaysian refiners in the export market, even after Malaysia, the world's second-largest palm oil producer, raised its January CPO export tax to 8%, analyst James Fry said during a virtual industry conference. "This is going to change the whole balance of exports between Malaysia and Indonesia," he said. Fry is chairman of commodities consultancy LMC International and his comments are closely watched by the industry. "We should now ... » Learn More about Malaysian crude palm oil exports becomes more competitive

KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives may see volatile trading next week, ahead of the release of production, stocks and exports data. Singapore-based Palm Oil Analytics owner and co-founder Dr Sathia Varqa said markets will closely monitor the Malaysian Palm Oil Board's (MPOB) data, which is due on Monday. In addition, investors are also awaiting April 1-10 projections by cargo surveyors, which are likely to be released next week. "Focus will be on March production. However, prices are likely to be firmer but volatile," he told Bernama, today. Earlier this week, Sathia said global demand and export for palm oil products will see strong recovery from April to June 2021, mainly from India and China, which are severely understocked at the moment. He said China's stocks have been in deficit for many months with the latest data showing stocks being in deficit by 27 per cent. Meanwhile, palm oil trader David Ng expects CPO prices ... » Learn More about CPO futures to see volatile trading next week, eyes on MPOB data

Key figure: Deby at a Sahel summit in the French city of Pau in January last year N'DJAMENA - Chad headed into presidential elections on Sunday in which Idriss Deby Itno, the country's ruler for the last three decades, looks assured of a sixth term. A key ally in the West's anti-jihadist campaign in the Sahel, Deby, 68, is frontrunner in a six-candidate race without major rivals after a campaign in which demonstrations were banned or dispersed. Chad has struggled with poverty and instability since gaining independence from France in 1960. Its leader, Deby, is a former rebel and career soldier who seized power in a coup in 1990 and has twice, with French help, thwarted attempts to oust him. Other candidates include Albert Pahimi Padacke, 55, a former prime minister under Deby, and Felix Nialbe Romadoumngar, 64 -- officially "leader of the opposition" as his URD party has eight seats in the National Assembly. Lydie Beassemda, 54, a former minister of agricultural production, ... » Learn More about Chad votes with 30-year ruler Deby poised for sixth win