Palm oil rallies on Friday, wipes out weekly losses

MG News | June 09, 2023 at 12:05 PM GMT+05:00

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June 09, 2023 (MLN): Malaysian palm oil rose on Friday erasing all losses incurred throughout the week.

The benchmark palm oil contract rose by 3.62% to 3,382 ringgit a tonne and is now flat on the week.

European Union (EU) has recently adopted a law to ban the imports of products from land cleared of trees.

Indonesia and Malaysia are the world’s biggest palm oil producers and account for 85% of global palm oil exports, The EU is the third largest market.

The Indonesian President Jokowi in a press conference in Kuala Lumpur said, "We need to strengthen this collaboration. We don't want commodities produced by Malaysia and Indonesia to be discriminated against in other countries."

Malaysia has called the law "unjust" and has said it is working with Indonesia to consider an appropriate response to the law, as Reuters reported.

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