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Jakarta has denounced the European Parliament’s recent ruling on palm oil and deforestration that it considers to be damaging to the country’s biofuel exports.

Crude palm oil prices declined further by 0.82 per cent to Rs 517.40 per 10 kg in futures trading today as speculators engaged in reducing their positions, triggered by easing demand in the spot market.

Palm charts third straight session of losses * Market low of 2,592 rgt/T, weakest since Oct. 11 * Down on expectations of rising output, end-stocks (Updates with closing prices, quote)

OIL palm is a proven, versatile and strategic crop used in both food and non-food industries around the world.

Ivory Coast palm oil producer DekelOil Public generated record quarterly revenues up 37% to €9.7m thanks to record monthly production and prices in the first three months of the year.

This year marks palm oil’s 100 years in Malaysia. It was 100 years ago when the then almost unknown oil palm was first planted here. The British was largely responsible for bringing in the first batch of seeds of this crop, a native of West Africa, into this country. However, many Europeans had a hand in pioneering the cultivation of a crop that would change the global equation for trade in oils and fats decades later.

Following the issuance of a European Union Resolution banning oil-palm biodiesel, Indonesian Agriculture Minister Amran Sulaiman argued that the resolution would cause crude palm oil (CPO) prices to plummet, which in turn would have impacts on 30 million people working in the palm oil sector.

Malaysia’s total palm oil stocks in March rose 6.5% to 1.55 million tonnes against 1.46 million tonnes in February this year.

Malaysian palm oil output in March rose at a greater rate compared to export demand, possibly hurting any chance for sharp increase in price of the commodity, Nikkei Asian Review reported.

Palm oil has a dreadful reputation, with its production often devastating rain forests and threatening the habitat of orang-utans.

Impacted by lacklustre demand and increase in inventory

Although China’s soyabean oil and rapeseed oil consumption has dragged down palm oil imports from Malaysia for the past few months, it will not last long as demand for the edible oil is set to rebound.