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New Delhi, Mar 10 (PTI) Prices of groundnut and palmolein oil prices fell by Rs 100 per quintal at the at the wholesale oils and oilseeds market today.

PALM oil industry experts have painted a rather subdued price outlook for crude palm oil (CPO) this year.

The proposed palm biodiesel ban by the European Union (EU) parliament has bearings on Malaysia’s plan to buy multi-role combat aircraft (MRCA) from Europe.

The crude palm oil (CPO) price outlooks given by industry experts were generally flat at current level after seeing a strong CPO price performance last year with the industry price forecasts ranging from RM2,200 to RM2,700 per mega-tonnes (mt), while our CPO price forecast is RM2,500 per mt.

Palm oil may fall more to 2,375 ringgit per tonne, as it has broken a support at 2,420 ringgit.

Since the beginning of the year until now, palm oil futures on Bursa Malaysia Derivatives Market averaged at around RM2,500 per tonne.

Malaysia, the world’s No.2 producer of palm oil, said on Thursday the European Union’s decision to curb imports of the commodity could undermine France’s hopes of winning one of Asia’s biggest fighter plane deals.

MALAYSIA will impose trade restrictions on the European Union should it proceed with a plan to limit the use of palm oil in biodiesel, said Plantation Industries and Commodities Minister Datuk Seri Mah Siew Keong.

Malaysia needs to overcome many challenges to enable the country's palm oil industry to thrive, said Oil World executive director Thomas Mielke.

: Two leading vegetable oils analysts, Thomas Mielke and James Fry, have a rather bearish outlook on palm oil this year. Mielke forecasts that average crude palm oil (CPO) price could fall to as low as RM2,350 per tonne in six months. Fry predicts a low of RM2,200 per tonne for palm oil futures

Corruption Eradication Commission (KPK) prosecutors on Wednesday indicted a businessman in a bribery case related to oil palm plantation permit issuance in East Kalimantan, a province in Indonesia's part of Borneo Island with a long history of deforestation.

The European Union’s (EU) attack on palm oil usage is due to fears that the commodity would dominate the vegetable oils market share in the future, said Plantation Industry and Commodities Minister, Datuk Seri Mah Siew Keong.