Watawala Plantations PLC, has reached the next milestone in its development of sustainable oil palm plantations, achieving the Roundtable on Sustainable Palm Oil (RSPO) certification for palm oil mill and concessions in Galle District.
Malaysian palm oil futures rose 1.7% on Thursday, tracking gains in soyoil on the Chicago Board of Trade (CBOT) following a United States Department of Agriculture (USDA) report that showed stockpiles were lower than expected.
Shares in Malaysian palm oil producer FGV Holdings Bhd plunged nearly 10% on Thursday after the United States banned its products over forced labour allegations, a move analysts warned could have a ripple effect across the industry.
The main index of Bursa Malaysia started the final quarter of 2020 on a weaker note and stayed below the 1,500-point level as the Malaysian manufacturing sector showed signs of losing momentum at the end of the third quarter, while index-linked plantation stocks dragged.
Malaysia said Thursday it would take action against companies that violate labor laws and would send a comprehensive study on the situation in the country’s palm oil sector to the United States to avoid further American restrictions on the commodities.
Plantation companies with large oil palm estates in Sabah are back on high alert mode following the stricter enhanced movement control order (EMCO) lockdown in LahadDatu, Tawau, Kunak and Semporna, say industry players.