The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange fell 0.6 percent at 2,588 ringgit ($637.44) a tonne at the end of trading, a fourth day of losses out of five. Earlier in the session, the contract hit its strongest level since Nov. 24 at 2,625 ringgit. Traded volumes stood at 34,067 lots of 25 tonnes each on Monday evening.
BRUSSELS: European Union ambassadors agreed on Thursday to withdraw an appeal to the European Court of Justice meaning the bloc will have to accept its verdict annulling anti-dumping duties imposed on imports of biodiesel from Argentina and Indonesia.
The move, likely to be confirmed by EU ministers meeting on Monday, will see the withdrawal of four planned appeals related to Indonesian imports and two for Argentina, according to an EU source.
The General Court of the European Union, the second-highest EU court, delivered a series of rulings in September 2016 to annul duties that the EU set for five years from 2013.
Both countries impose an export duty on the raw material, soybeans in the case of Argentina and palm oil for Indonesia, which the EU argued gave an unfair advantage to biodiesel producers there, allowing them to "dump" product at low prices.
Argentina and Indonesia, major producers of biodiesel, called the measures protectionist and launched challenges on a number of points at the WTO and the EU courts.
Argentina broadly won its case at the WTO, while a decision for Indonesia is pending.
The EU cut its anti-dumping duties last year to between 4.5 and 8.1 percent for Argentine biodiesel from initial rates of 22-25.7 percent. The rates for Indonesia remain those set in 2013 - between 8.8 and 20.5 percent. - Reuters
Limited time offer:
Just RM5 per month.
