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Rise in palm oil prices poised to inflate costs Products using the oil such as chocolates, soaps set to get more costly The meteoric rise in palm oil prices is poised to inflate costs for everyone from restaurants to confectionery and cosmetic manufacturers, and could potentially change consumption patterns. The world’s most consumed edible oil has surged more than 120% in the past year and burst through 4,500 ringgit ($1,091) a tonne to a record on Wednesday. The tropical oil, which is found in products as diverse as chocolate, pastries, soaps, lipstick and biofuel, and is widely used in Asian restaurants, has been swept up in the global commodity rally as farm crops soar on weather worries and China’s crop-buying spree. ....
Chocolate is about to get more expensive bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
Asian palm freight rises on strong April demand: sources | Hellenic Shipping News Worldwide hellenicshippingnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from hellenicshippingnews.com Daily Mail and Mail on Sunday newspapers.
Asian palm freight rises on strong April demand: sources spglobal.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from spglobal.com Daily Mail and Mail on Sunday newspapers.
The edible oil industry on Monday welcomed the announcement of agricultural development cess and the increase in import duty of crude palm oil in the Union Budget 2021-22, saying that the measures are expected to protect the interests of mustard farmers. The announcement of agricultural development cess is a welcome move and hopefully the revenue from cess on edible oils would be utilised for augmenting domestic production of oilseeds, Solvent Extractor s Association of India (SEA) President Atul Chaturvedi said in a statement. As per our understanding the effective import duty on CPO (crude palm oil) has gone up to 35.75 per cent, while at the same time import duty on soya and sunflower oil has remained unchanged at 38.5 per cent. ....