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Malaysian palm oil futures reversed course to jump over 3 percent on Wednesday, tracking gains in soyaoil on the Chicago Board of Trade (CBOT) as labour strikes in Argentina entered 13th day.

Cambodia and Singapore have appreciated their strong relations and good bilateral cooperation in all sectors.

In order to make the Telangana state completely self-reliant in producing edible oil, the departments of agriculture and horticulture are promoting oil palm cultivation in vast areas across the State. They have already kicked off a pilot project in some district.

The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange closed 3.6% higher, or 8 ringgit, at 3,536 ringgit ($870.72).

Domestic factors coupled with the sharp rally in international prices saw oilseeds and edible oils turn as top performing agri commodities in 2020.

Palm oil may retest a support at 3,381 ringgit per tonne, a break below which could cause a fall to 3,300 ringgit.

The government has no plans to impose a windfall profit levy on rubber glove manufacturers that are enjoying supernormal profits from the higher demand and selling price of rubber gloves worldwide nor to other businesses that have profited greatly due to the Covid-19 pandemic, according to the Ministry of Finance (MoF).

Malaysian palm oil futures edged lower on Wednesday, weighed down by weakness in rival oils and the country's move to raise export taxes for the commodity.

Malaysian palm oil futures reversed losses on Tuesday, as prospects of imports by China improved and top producer Indonesia said it would stick with its original biodesel plan

Biofuel mandates and diesel demand recovery are set to fuel higher EU biodiesel consumption in 2021. S&P Global Platts Analytics projects 2020-21 EU biodiesel consumption will increase by 1.86 million mt on the year to 16.68 million mt.

The agreement initially requires members to remove tariffs from 90 per cent of goods, allowing free access to commodities, goods and services across the continent.

The Royal Malaysian Customs Department said the eight per cent export duty rate was set after the CPO market price reached RM3,450 per tonne and above.