4:22 PM MYT
At 3.53pm, CPO for third month was up RM48 to RM3,426, off the intra-day high of RM3,440.
KUALA LUMPUR: Crude palm oil (CPO) futures for March delivery extended their advance to a record for the contract on optimism that surging prices for rival soybean oil and petroleum will increase the appeal of the tropical oil in food and biofuels.
“Palm is up in line with a rising soy complex and crude oil prices,” said Gnanasekar Thiagarajan, head of trading and hedging strategies at Kaleesuwari Intercontinental.
“Yesterday the correction we expected happened, but it quickly pulled back higher, implying the strong bullish sentiment that is pervading the entire edible oil complex.”
12/16/2020
JAKARTA, Dec 16 (Reuters) - Indonesia, the world s top palm
oil maker, may lower its palm oil biofuel allocation for 2021 as
the government adopted a more cautious fuel consumption outlook
next year, an official at the National Energy Council said on
Wednesday.
The energy ministry may lower the allocation of fatty acid
methyl ester (FAME) made from palm oil to 8.5 million kilolitres
(kl), from current plan of 9.2 million kl, Djoko Siswanto,
secretary general of the council told an industry event. We control this so there won t be too much excess supply of
diesel fuel, Djoko said, adding that Indonesia will not reduce