Palm falls on weaker US soyoil, crude oil prices

Malaysian palm oil futures edged down on Wednesday, though remained range-bound, tracking weakness in soyoil overnight on the U.S. Chicago Board of Trade and crude oil prices. The benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange was down 0.4 percent at 2,175 ringgit ($529.45) a tonne at the close of trade.

Malaysia sends letter to France over declassification of palm oil

Malaysia has handed over a letter to France explaining its position on the French National Assembly’s decision to declassify palm oil as biodiesel feedstock in the country. Foreign Minister Datuk Saifuddin Abdullah said the letter from Prime Minister Tun Dr Mahathir Mohamad to French President Emmanuel Macron was handed over to the French Ambassador in Kuala Lumpur on Monday. On Dec 19, 2018, the French National Assembly adopted an amendment to its 2019 Budget to exclude the use of palm oil as biodiesel feedstock and to end tax incentives for palm oil as of 2020.

Malaysia urges France to accord equal opportunities to palm oil trade

Malaysia is urging France president Macron to stop discriminating and accord equal opportunities to palm oil trade like that of other vegetable oils such as rapeseed and sunflower. In a statement, Foreign Affairs Minister Datuk Saifuddin Abdullah said French National Assembly’s move to exclude the use of palm oil as a biodiesel feedstock and end tax incentives for palm oil as of 2020 is seen as a “defacto ban”.

Palm in sharpest fall in 6 weeks on expectations for slower export growth

Malaysian palm oil futures saw its sharpest daily decline in six weeks on Monday, reversing earlier gains after the market turned bearish ahead of export data from cargo surveyors. The data, due on Tuesday, is expected to show slowing growth in exports for the Jan. 1-15 period, compared to Jan. 1-10 when they surged by around 50 percent, said a Kuala Lumpur-based trader.

Palm oil may retest support at 2,150 ringgit

Palm oil may retest a support at 2,150 ringgit per tonne, a break below which could cause a loss to the next support at 2,121 ringgit. These supports are identified respectively as the 138.2 percent and the 114.6 percent projection levels of an upward wave c from 1,979 ringgit. The uptrend from 1,940 ringgit could be well divided into five waves. This structure suggests a completion of the trend. Further bearish indication comes from the two failed attempts to break a resistance at 2,198 ringgit. These failures indicate the formation of a double-top around this level.

Malaysian palm oil market factors to watch Monday Jan 14

Malaysian palm oil futures rebounded from a one-week low on Friday, tracking rises in crude oil prices. U.S. wheat futures rallied from one-week lows on Friday in a technical and bargain-buying bounce as a weakened U.S. dollar and rising wheat prices in rival exporting nations boosted prospects for U.S. shipments.

Come to Malaysia and be informed about palm oil, says Teresa Kok

The Primary Industries Ministry is prepared to invite the authors of the one-sided and biased report on palm oil-based products published by the World Health Organisation (WHO) to travel to Malaysia for a dialogue. Its Minister Teresa Kok Suh Sim said this ought to be done as representatives from WHO should meet local researchers and scientists who have done extensive research on palm oil-based products in order to obtain a clearer picture on the research findings.

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