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Malaysian palm oil futures ended more than 1% higher on Tuesday to mark its highest close in over a week, as stronger rival soyaoil and signs of lower April production underpinned prices.

The Economic Coordination Committee (ECC) of the Cabinet has reportedly delayed its decision on a proposal of Ministry of Industries and Production proposal pertaining to exemption in customs duty and additional customs duty to importers of palm oil and palm olein, well-informed sources told Business Recorder

Sri Lanka’s ban on palm oil imports from Malaysia is not expected to affect the country’s key commodity industry as Malaysia’s market is growing in several countries such as Africa and the Middle East.

Despite some anticipating a crude palm oil (CPO) price correction after recording a new monthly high last month, the tight supply of palm oil is likely to keep the commodity price elevated

Malaysian palm oil futures inched up on Tuesday for a second consecutive day, lifted by higher rival soyoil and crude, while signs of low inventory and improving exports further boosted sentiment.

Sri Lanka’s ban on palm oil imports from Malaysia announced yesterday is not expected to affect the country’s key commodity industry as Malaysia’s market is growing in several countries such as Africa and the Middle East.

The price of fresh fruit bunches obtained from oil palm trees aged 10 - 20 years in Riau province fell by Rp120.20/kg to Rp2,240.92/kg in April 7-13, 2021 from Rp2,361.15/kg a week earlier.

Malaysian palm oil futures edged up on Monday, gaining for a third session in four on the back of strength in rival soyaoil and expectations of low inventories and tight supply

Palm oil may test a resistance at 3,810 ringgit per tonne, with a good chance of breaking above this level and rising into 3,887-4,011 ringgit range.

Sri Lanka on Monday banned imports of palm oil and new palm plantations, and told producers to uproot existing plantations in a phased manner, in a surprise move that baffled the edible oil industry.

TDM Plantation Sdn Bhd has received International Sustainability and Carbon Certification (ISCC) valid from March 17, 2021 until March 16, 2022.

Malaysia’s palm oil inventories at the end of 2021 are projected to decline for a third consecutive year to 1.12 million tonnes, state agency the Malaysian Palm Oil Council (MPOC) said on Monday.