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KUALA LUMPUR, July 19 — The Ministry of Plantation Industries and Commodities has targeted exports of Malaysian palm oil and palm-based products to the Philippines to increase to RM3 billion by 2020.

Exports of palm oil products increased by just 2 percent on a monthly basis to 2.6 million tons in May, the latest data from the Indonesia Oil Palm Producers Association (GAPKI) shows.

SINGAPORE (July 20): Palm oil October contract is expected to retest a support at 2,501 ringgit per tonne, a break below which could cause a loss to 2,481 ringgit.

KUALA LUMPUR: Malaysian palm oil futures were headed for a third straight day of declines, hitting a two-week low in early trade, as the market was bearish on expectations of an increase in production.

The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Wednesday July 19.

The local market bucked the global market trend last week, despite Bank Negara Malaysia’s (BNM) decision to keep the overnight policy rate (OPR) at 3% last Thursday

Malaysian palm oil futures fell to a two-week low in late trade on Tuesday, dropping nearly 1 percent as the market was weighed down by expectations of rising production.

Indian soyoil futures fell on Monday, tracking rival Malaysian palm on the Bursa Malaysia Derivatives Exchange.

The government has prepared 30,000 hectares of land for palm oil replanting pilot project to increase productivity.

The government has prepared 30 thousand hectares of land for palm oil replanting pilot project to increase productivity.

Palm oil Oct. contract is expected to test a support at 2,501 ringgit per tonne, as its correction from the July 11 high of 2,585 ringgit may extend further.

Palm oil on the European vegetable oils market was offered mostly easier on Tuesday as Malaysian palm oil futures closed down on the outlook for higher production during July.