The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was up 1.25% at 2,028 ringgit ($492.59) per tonne at the close of trade in its third straight session of gains. Earlier in the session, it rose as much as 1.3% to 2,030 ringgit, its strongest levels since June 21.
JAKARTA (Reuters) - A global palm oil industry watchdog is planning a separate standard for smallholders to help them adopt sustainable practices and get green certification, the Indonesian director of the Roundtable on Sustainable Palm Oil (RSPO) said.
Indonesia is the world's biggest palm oil producer and smallholders account for roughly 40% of the country's 14 million hectares of palm plantations, and are often blamed for practices such as burning to clear land, causing forest fires.
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