Archived News

Palm oil imports by India will probably slump year-on-year for a sixth month in April as a nationwide lockdown in the world’s biggest buyer to combat the spread of the coronavirus hurts operations at ports and factories.

Two Malaysia palm oil grower groups on Tuesday asked the government of Sabah, the country’s biggest palm producing state, to reconsider the extension of an order suspending palm operations as part of coronavirus containment efforts.

The Union Budget for 2020 reversed liberalisation of the customs tariff regime by increasing customs duties across the board. The most significant change, however, was not a mere rejig of rates, but a potential challenge to India’s standing in the global supply chain

Malaysian palm oil jumped more than 2% on Monday, tracking a rally in Dalian edible oil prices as supply concerns deepened after the world's second-largest producer shut down more palm operations in an effort to contain the coronavirus.

US corn futures fell more than 1% on Monday on slowing grain demand from ethanol makers, as tightening coronavirus pandemic travel restrictions limited demand for the biofuel.

The Malaysian state of Sabah, the country's biggest palm oil producer, has extended a shutdown of palm oil plantations until April 14 and widened the order to six districts, a state government document showed on Monday.

Atul Chaturvedi, president, SEA, said that edible oil is an essential commodity and its supply cannot be disrupted as it can have huge repercussions in the country. “As far as possible, we should try to run our factories continue dispatches.” SEA has around 800 members.

THE price of crude oil is expected to weaken further in April as the combination of lower demand due to the Covid-19 pandemic lockdowns and rising production levels leave the energy market in a supply glut.

Demand for vegetable oil in India is poised to fall for the first time in decades as restaurants have pulled down their shutters to comply with a government order that imposed a 21-day nationwide lockdown to stem the spread of the coronavirus.

Vegetable oil prices plummeted in the past month following collapse in crude oil prices and a slowdown in the global economy due to containment measures

The Council today adopted a decision on the conclusion of a free trade agreement (FTA) between the EU and Vietnam. This decision clears the path, on the EU side, for the entry into force of the agreement.

Malaysian palm oil futures rose on Monday, tracking higher edible oil prices and a weaker ringgit, but demand concerns capped gains as top buyer India has imposed a national lockdown due to the coronavirus pandemic.