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Malaysian palm oil futures recovered ground on Monday after earlier hitting a five-and-a-half month low, as industry association data showing shrinking output eased concerns over high inventories and rising production.

The falling price of crude palm oil (CPO), which has dropped below RM2,000 a tonne, is hurting planters.

Oil futures fell on Monday with Wall Street, as the negative turn in the U.S.-Chinese trade talks spooked investors, who had sent oil higher in early trade on concerns about reports of sabotage attacks on tankers in the Middle East that could disrupt supplies

Malaysia's Sime Darby Plantation, the world's largest oil palm planter, is looking to buy refineries in Latin America as it grapples with poor margins and mounting costs at home.

Malaysia will continue to work with Indonesia to defend palm oil which is under sabotage by lobbyists in Europe, says Interna¬tional Trade and Industry Minister Datuk Darell Leiking.

China will never surrender to external pressure, the government said, though stopped short of announcing how Beijing will hit back after Washington renewed its threat to impose tariffs on all Chinese imports in an escalating trade dispute

The adverse effects on crude palm oil (CPO) price from US-China trade war have far outweighed the larger-than-expected decline in stockpiles, analysts continue to observe on the plantation sector.

Negotiations this week in Wellington are expected to further advance a free trade agreement (FTA) between New Zealand and the European Union (EU).

U.S. President Donald Trump said on Monday he would meet Chinese President Xi Jinping next month as the trade war between the world’s two largest economies intensified, sending shivers through global markets.

Eight EU representatives from Belgium, Spain, Finland, Ireland, Sweden, Hungary, the Netherlands and the United Kingdom, and a representative from the Food and Agriculture Organization, visited an Indonesian Sustainable Palm Oil-certified oil palm plantation in Riau on Thursday.

The Primary Industries Ministry has taken various efforts to expand the palm oil market overseas, including holding monthly delegation visits to countries identified as potential buyers of the commodity.

China said on Monday it would impose higher tariffs on most U.S. imports on a revised $60 billion target list, hitting back at a tariff hike by Washington on $200 billion of Chinese goods in a further escalation of a bitter trade war