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The United Kingdom agrees with Malaysia’s position that the European Union’s Renewable Energy Directive II (RED) is unfair and goes against international trade practice.

Malaysian palm oil futures rose to a one-week high on Wednesday evening, supported by gains in rival edible oils.

Multinational food and beverage company Nestle said on Tuesday that it would stop buying palm oil from a Guatemalan company that has been accused by the country’s prosecutor of corruption.

Malaysia’s total exports saw an increase of 18.9% to RM935.4 billion in 2017, the highest growth since 2005, official data showed.

The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Wednesday Feb 7.

Malaysian palm oil futures declined on Tuesday, and have now fallen in three of the past four days, tracking losses in global financial markets and as traders booked profits.

Authorities in Indonesia have issued four new palm oil permits in its Papua provinces despite a moratorium on palm oil expansion declared by president Joko Widodo in 2016.

Palm oil should not be discriminated against in the trade system as the European Union (EU) moves to renew its energy directives, said Swedish Minister for Entrepreneur and Innovation Mikael Damberg.

Major palm oil producers in Asia are hoping European governments will not go ahead with proposals that could undermine their businesses and damage the Indonesian and Malaysian economies.

Palm oil players and analysts have warned that the European Parliament’s draft measures two weeks ago to ban palm oil in biodiesel after 2020 could lead to the “cobra effect”.

The Malaysian Palm Oil Association (MPOA) has urged the government to halt trade deals with the European Union until the bloc’s proposed ban on palm oil imports is axed.

KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.