Crude palm oil prices may rise to 2,300-2,400 ringgit ($528.37-$551.34) per tonnne in the coming months as Malaysia’s relationship with top importer India improves, industry regulator the Malaysian Palm Oil Board (MPOB) said this week. The newly appointed MPOB Chairman Ahmad Jazlan Yaakub said in a statement the rally will come as a relief to […]
The national lockdown in India on fears of the spread of the coronavirus pandemic has hit the country’s edible oil industry hard, and demand that plunged sharply is expected to return only slowly over the next six months, Atul Chaturvedi, President of Solvent Extractors Association of India (SEA), tells Shampa Bahadur in an interview. Q. […]
Indian palm oil buyers have resumed purchases of Malaysian palm oil after a four-month gap following a diplomatic row, with buying spurred by a fall in domestic inventories and discounted prices, trade sources were quoted by Reuters. The renewed purchases come amid improving trade relations between the two countries after the formation of a new […]
The import of vegetable oils in February 2020 has dropped 10.5% to 11,12,478 tonnes compared to 12,42,533 tonnes a year ago, consisting of 10,89,661 tonnes of edible oils and 22,817 tonnes of non-edible oils. The overall import of vegetable oils during November 2019 to February 2020 stood at 45,63,791 tonnes compared to 48,62,849 tonnes, a […]
Malaysia has set itself a target of a month within which to resolve its trade dispute with India over palm oil, the southeast Asian nation’s new commodities minister said to Reuters last week. The deadline follows this week’s swearing-in of a new Malaysian cabinet after Prime Minister Muhyiddin Yassin took office last month. “One of […]
The government has imposed restrictions on imports of refined palm oil and palmolein, a move in retaliation against top supplier Malaysia after its criticism of India’s actions in Kashmir and the Citizenship (Amendment) Act, 2019 (CAA). According to a notification of the Directorate General of Foreign Trade (DGFT), “import policy” is amended from “free to […]
Palm oil’s searing rally likely forced many buyers from India to the sidelines in November 2019, with purchases by the world’s biggest importer dropping to a five-month low. Sunflower oil imports jumped. Shipments of palm oil shrank almost 11% from a month earlier to 696,000 tons, a second month of decline and the lowest since […]
India’s vegetable oil imports increased by 3.5 per cent to 155.5 lakh tonnes in 2018-19 marketing year ended October, due to increase in inward shipments in refined oils, according to industry data. Imports of vegetable oils (comprising edible and non-edible oils) stood at 150.26 lakh tonnes in the previous year. While shipments of edible oil […]
India’s exports of oilmeals fell by 73 per cent in August 2019 at 98,871 tonnes on account of higher domestic prices of soyabean meal, according to data compiled by the Solvent Extractors’ Association of India (SEA). Export of oilmeals during August 2018 stood at 359,752 tonnes. The overall export of oilmeals during April-August 2019 declined […]
The revenue department has imposed 5 per cent safeguard duty on imports of refined palm oil from Malaysia, taking the customs levy to 50 per cent for six months, a move aimed at protecting interest of domestic players. The safeguard duty on ‘Refined Bleached Deodorized Palmolein and Refined Bleached Deodorized Palm Oil’ has been imposed […]
