KUALA LUMPUR: The inclusion of palm oil purchase by China in the East Coast Rail Link (ECRL) potential revival deal is positive as it could allow Malaysia to potentially lock in higher palm oil export volumes to the republic over the next few years, said CIMB Research.
PUTRAJAYA: Malaysia is consistently looking for new markets to promote palm oil while enhancing its existing markets with a focus on ASEAN countries this year, said chief executive officer of Malaysian Palm Oil Council (MPOC) Datuk Dr
The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange was up 2 percent at 2,198 ringgit ($526.21) a tonne at the close of trade. Earlier, it climbed as much as 2.1 percent to 2,200 ringgit, its strongest levels since Oct. 24.
At Monday's close, the benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange was down 3.9 percent at 1,965 ringgit ($469.42) a tonne. That was its biggest one-day dip since Feb. 16 last year. Traded volumes stood at 53,531 lots of 25 tonnes each.
Malaysia is a country that is built for business and trade. We are relatively small geographically and in population terms, but we have a dynamic economy, a skilled and educated workforce, and we are situated at the crossroads of strategically important trading routes.
The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was down 0.1 percent at 2,171 ringgit ($536.78) a tonne at the end of the trading day, near a three-year low hit on Friday. Trading volume stood at 61,574 lots of 25 tonnes each.