Malaysia's labour-reliant palm oil companies are looking to recruit recovering drug addicts and prisoners to solve a severe shortage of migrant foreign workers as the coronavirus pandemic shuts borders and hampers output of the edible oil.
Representatives that attended the Council of Palm Oil Producing Countries’ (CPOPC) latest forum have stated their support on efforts to establish a global alliance to counter negative campaigns or stigmatisation of palm oil.
Malaysian palm oil futures ended higher on Tuesday, snapping a two-day losing streak and climbing as much as 3%, tracking sharp gains in rival soyabean oil, although concerns over rising September production lingered.
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.
The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended higher today, tracking the stronger overnight Chicago bean oil market performance due to increased demand from China on fears of rain and floods, said palm oil trader David Ng.