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BMD Palm Ends Higher For Third Straight Day

17 Oct 2019 5:15 pm
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MUMBAI (Commoditiescontrol) - Malaysian palm oil futures settled higher for a third straight day on Thursday as the Prime Minister Mahathir Mohamad said on Wednesday that his government will work diplomatically with India if it decides to restrict imports of Malaysian palm oil.

The January benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was up Ringgit 7 at Ringgit 2,259 by the close after moving in the range of Ringgit 2,274 and Ringgit 2,248 a tonne.

"If the (Indian) government launched a boycott or something like that, then we will have to work diplomatically or reduce the kind of action that they have taken," Mahathir said.

Some Indian traders said refiners had already stopped buying Malaysian palm oil for shipment in November and December, fearing higher import taxes or other measures.

Despite the halt by traders, Malaysia had yet to receive any official statement from the Indian government on the possible restrictions, Mahathir said. "This is the reaction from the business community. Hence, we cannot react to their personal decisions," he said.


       
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