China’s palm fuel imports soar to record

Malaysian palm oil futures extended a downward trend, closing 0.3 percent lower on Monday as weak demand weighed on prices.

SINGAPORE: China is one of the top beneficiaries of the plunge in palm oil prices this year as the country seeks to boost use of the tropical commodity in biofuel to reduce reliance on energy derived from petroleum.

The world’s second-largest economy has imported a record amount of palm methyl ester, an alternative to conventional diesel made out of palm oil, according to PRIMA, a research company focusing on links between biofuel, energy and agricultural markets.