Crude Palm Oil (CPO) prices have soared due to concerns about production disruptions as a result of the coronavirus pandemic in the world’s two largest palm oil producing countries.
A large explosion with at least two fatalities and multiple injured was reported on Tuesday at a chemical park in Leverkusen, Germany, according to a statement published by Currenta, the company that manages Chempark.
Malaysia has kept its August export duty for crude palm oil (CPO) at 8%, although it lowered the reference price for the first time in 13 months, a circular on the Malaysian Palm Oil Board website showed on 23 July.
The damage caused by a fire at UPM’s 130,000 ton/year Lappeenranta Biorefinery on 10 May is nearly repaired, according to the company. The fire caused substantial damage and repair works have proceeded safely and well during the summer.