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Malaysian palm oil prices dropped slightly on Wednesday, following a more than 7% gain in the past three sessions, although supply disruption concerns limited losses.

Malaysia's trade performance in June 2021 increased by 29.3 per cent year-on-year (YoY) to RM188.70 billion from RM145.90 billion recorded in the previous year.

Palm oil extended an advance to the highest level in two months yesterday amid signs of sustained weakness in Malaysia’s production.

Malaysian palm oil futures rose for a third straight session on Tuesday, tracking gains in rival oils on the Dalian Commodity Exchange and the Chicago Board of Trade (CBOT)

IMPLEMENTING a windfall tax to companies who are making an extraordinary profit from the Covid-19 pandemic could impose a negative perception on potential investors, said Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.

The government has set the maximum retail prices for pure palm cooking oil in bottled packaging effective Aug 1, with an assurance that consumers can obtain it at under RM30 for a 5kg bottle.

Achievement of the B30 biodiesel development program demonstrates Indonesia's success as a B30 pioneer, Dadan Kusdiana, Director General of New, Renewable Energy, and Energy Conservation (EBTKE) at the Energy and Mineral Resources Ministry (ESDM), said.

It emphasised that “India appears to have viable options to satisfy its projected national demand for palm oil without compromising either its biodiversity or its food security.”

With nearly ten percent, the biggest drop can be attributed to the vegetable oil sector, reflecting lower prices for palm oil due to prospective seasonal production increase and lower import demand

Palm oil may rise into a range of 4,458-4,531 ringgit per tonne, as it has risen far above a key barrier at 4,260 ringgit.

The protection, restoration and sustainable management of forests are crucial both for achieving China’s climate targets, and for conserving biodiversity.

Malaysian palm oil futures edged lower on Monday, as rival soyoil fell on the Chicago Board of Trade (CBOT) with soybean futures dropping to a two-week low.