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India will not be extending the bilateral safeguard duty on the import of certain palm oil varieties from Malaysia, reports The New Indian Express.

Malaysian palm oil futures jumped 5% on Wednesday as buyers stocked up ahead of the Muslim holy month of Ramadan and expectations of 2019/2020 production falling also boosted prices

The Malaysian Palm Oil Council (MPOC) has urged the European Union (EU) not to give in to the usual “lobbies” which suggest palm oil, Malaysia, Indonesia, and their related industries are the culprits when it comes to deforestation.

Malaysian palm oil futures fell on Thursday, dragged by a stronger ringgit, cargo surveyor data showing a drop in last month's exports, and expectations of higher February production.

The ousting of Malaysia's former prime minister Mahathir Mohamad, whose criticisms of India's policies in Kashmir damaged palm oil trade between the nations, has kindled hopes among Malaysian exporters for a rapid restoration of ties.

The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange closed up 123 ringgit, or 5.17%, to 2,500 ringgit ($598.37), its highest level since Feb. 25.

Malaysia’s exports and imports slipped 1.5% and 2.4% year on year (yoy) in January 2020, leading to a wider trade surplus of RM12 billion.

MALAYSIA is one of the UK’s most important trading partners in Asean, second only to Singapore in bilateral trade volume. Trade volume between Malaysia and the UK rose 6.5% year on year to £5.1 billion in the 12 months ended Sept 30, 2019.

The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives extended its rally to a third consecutive session on bargain buying activities after the recent dips in prices.

Rapeseed output in India, the world’s biggest importer of vegetable oils, is likely to rise 4% this year as favourable weather boosted yields of the winter-sown oilseed, a leading trade body said on Wednesday.

The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange rose 57 ringgit, or 2.41%, to 2,377 ringgit ($565.41), its second straight session of advances.

The global oil benchmark ended Tuesday slightly lower under pressure from falling equities, but the losses were contained slightly as top producers considered more output cuts to support prices and the Federal Reserve cut U.S. interest rates to support the economy