News from Kuala Lumpur. Malaysian palm oil futures this week suffered a loss following news in India that the country is resuming purchases of this product after a long restriction.
Prices fell due to fear of declining exports from India, as well as low consumption of palm oil by China, affected by the virus. However, after a long decline in prices, experts said that Malaysian exports since the beginning of February have grown by an average of 10% compared with previous months, which enabled prices to recover.
At the same time, New Delhi issued a license to import more than 1 million tons of refined palm oil from Indonesia. The prices of this product depend on the prices of competing edible oils, such as soybean, as these products share world market shares.
Unrefined red palm oil surpasses fish oil in vitamins A and E. Carotenoids and cototrienols contained in unprocessed red palm oil can prevent cancer. This product does not contain cholesterol and is absorbed by the human body by 94.5%.
Meanwhile, Malaysia expects to fully implement its biodiesel production program in 2020–2021 and expects that this industry will absorb 1.06 million tons of palm oil per year, the Ministry of Primary Industry of Malaysia said on Thursday.
- China plans to purchase an additional 1.9 million tons of palm oil from Malaysia over the next five years and invest at least 2 billion ringgit ($ 480 million) in a bio-jet fuel plant, the Malaysian Ministry of Primary Industry said on Thursday April 25. .
- According to the results of January of this year, the country's seasonal production of palm oil was reduced from 3.9 million tons in December to 3.6 million tons in January.
- The Malaysian Palm Oil Council predicts price stability for palm oil this year at $ 565 per ton.
