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PALM OIL NEWS 2020

SHAH ALAM, Sept 23 -- The Malaysian Palm Oil Certification Council (MPOCC) has asked companies producing palm-based products to display the Malaysian Sustainable Palm Oil Certification (MSPO) logo on their packaging.

MPOCC chairman Muhtar Suhaili said currently only two companies were displaying the logo on their product packaging.

"Companies, farmers and palm oil manufacturers are required to have the MSPO certificate but the use of the MSPO logo on product packaging is not mandatory.

SANDAKAN, Sept 13 -- The Plantation Industries and Commodities Ministry through the Malaysian Palm Oil Board (MPOB) and Malaysian Palm Oil Certification Council (MPOCC) is vigorously undertaking its ‘Jom MSPO’ programme to promote sustainability certification among smallholders.
MPOB chairman Datuk Ahmad Jazlan Yaakub said the programme is aimed at ensuring adoption of good agricultural practices (GAP) by the palm oil players and enhancing their income.
"Sustainable palm oil production is crucial for Malaysia to expand its market, what with the country being the second largest producer and exporter of palm oil in the world.

JAKARTA (Sept 8): Indonesia, the world's largest palm oil producer, plans to revise its palm oil export levy rules to allow higher collection when prices increase, a senior cabinet minister told Reuters, as part of moves to underpin an ambitious biodiesel programme.
Since June this year, Indonesia has collected a maximum US$55 levy per tonne on palm oil exports, regardless of the price.
But the new levy collections will hinge on export prices, Coordinating Minister for Economic Affairs Airlangga Hartarto said in an interview on Tuesday.
"So every increase by US$25, it will increase the levy by US$5," Hartarto said.

BANGKOK (Sept 8): Thailand’s cabinet has approved plans to reduce the country’s huge crude palm oil (CPO) stockpile to shore up domestic price.
Deputy government spokesperson Ratchada Thanadirek said the cabinet, chaired by Prime Minister General Prayuth Chan o-cha today approved the National Palm Oil Policy Committee’s proposal to export 300,000 tonnes of CPO by March next year.

KUALA LUMPUR: Crude palm oil (CPO) prices have rallied to nearly RM3,000 per tonne from the year-to-date low of RM2,000 per tonne in May, buoyed by lower inventory and higher soybean oil prices.
This would help Malaysia's listed plantation companies to post stronger performance in the second half of the year (2H20), analysts said.
Affin Hwang Capital said CPO prices had seen some recovery from the year-to-date low in May of RM2,000 per tonne to the current level of RM2,800-2,900 per tonne.
The higher prices are partly attributable to the increase in demand for palm oil products due to stock replenishment, lower palm oil inventory levels as well as an increase in soybean oil prices.