KUALA LUMPUR: Malaysian palm oil futures fell more than 2 percent during their second half of trade on Friday to their lowest in nearly a month, weighed down by weaker related edible oils. Expectations of only a slight drop in April inventory levels also contributed to the bearish market sentiment, traders said. The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange was down 1.8 percent at 2,118 ringgit ($512.71) a tonne at the close of trade, its sharpest daily decline in two weeks. It earlier fell to a low of 2,104 ringgit, its weakest level since April 1, and is also down
Tanzania has set aside 4.3 million dollars to boost cultivation of oil palm as part of its strategy to end importation of edible oils, Prime Minister, Kassim Majaliwa, said on Monday. Majaliwa revealed this when speaking in the Western Tanzania’s region of Kigoma soon after inspecting an oil palm farm of the National Service Department (JKT), Bulombora camp. The Tanzanian leader said the money would be spent in developing the crop so that its farmers are on the same level as growers of other cash crops. He also directed the ministry of agriculture to prepare a demonstration farm in the
The National Palm Produce Association of Nigeria (NPPAN) has raised alarm over the downward slide in the price of Crude Palm Oil (CPO) and local demand in spite of their huge investments.