PETALING JAYA: The Malaysian Palm Oil Board is confident that the price of crude palm oil will hit RM2,300-RM2,400 per tonne in the next few months thanks to better diplomatic ties with India.
Jazlan thanked the Indian government for stopping import restrictions on refined palm oil from Malaysia, adding that it was a positive development which would help palm oil farmers financially during the Covid-19 pandemic. “This price increase follows better diplomatic relations between Malaysia and India after Muhyiddin Yassin’s Perikatan Nasional government came to power in March,” he added.
Reuters said Malaysia had signed a deal to buy a record 100,000 tonnes of Indian rice, while leading Indian importers have agreed to buy up to 200,000 tonnes of crude palm oil from Malaysia to be shipped next month and in July.
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