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Malaysian palm oil futures surged 3% to touch a four-month high on Tuesday on expectations of improving exports ahead of cargo surveyor data due Wednesday.

The cabinet on Tuesday ordered working panels be set up to tackle oil palm prices in five southern provinces while instructing the Electricity Generating Authority of Thailand (Egat) and the Energy Ministry to accelerate purchasing additional crude palm oil to help boost domestic palm oil prices.

The federal government has taken several measures to help ease the burden on farmers who are affected by the falling prices of commodities.

The ringgit was higher at the opening, tracking the higher crude oil price currently trading at US$43 per barrel, up by 0.23 per cent, ahead of the virtual joint ministerial monitoring committee (JMMC) of the Organisation of the Petroleum Exporting Countries (OPEC) meeting later today to recommend levels for future supply cuts.

Crude palm oil (CPO) production in Malaysia is expected to top 20 million tonnes this year

Malaysian palm oil futures climbed for a fourth straight session on Wednesday, hovering near a four-month high hit in the last session, on stronger crude oil and hopes of better exports.

Technologies have been created, innovated and improved to boost the effectiveness and competitiveness of the upstream, midstream and downstream sectors of the oil palm industry

The Ministry of Plantation Industries and Commodities does not intend to replace the country's main commodity, namely oil palm, with bamboo, said Minister Datuk Dr Mohd Khairuddin Aman Razali today.

China's imports of raw materials, from oil to soybeans to copper, surged to records last month as the top commodities consumer fuels a recovery from the pandemic that has slammed global growth and roiled markets.

The FTA may hurt India’s garment industry as the new deal removes 99 percent of customs duties which would enable Vietnamese services and public procurement markets to EU companies.

Malaysian palm oil futures fell on Monday, tracking losses in crude and rival soyaoil, while and as higher June production also hurt sentiment.

MIDF Amanah Investment Bank Bhd (MIDF Research) analyst Martin Foo Chuan Loong, in a report, noted that the industry’s stock levels will rebound above the two-million-tonne mark as import demand tapers off and production peaks between July and October.