Malaysian palm oil futures dropped from an eight-week high on Thursday, falling as much as 1.4 percent in the second half of trade, weighed down by weaker soyoil on the U.S. Chicago Board of Trade (CBOT) and profit taking.
KUALA LUMPUR: Prime Minister Tun Dr Mahathir Mohamad will be writing letters to the French president and the Norwegian prime minister to protest the European Union (EU) parliament's decision to ban palm oil, says Primary Industries Minister Teresa Kok Suh Sim.
“We are working on it now,” she told reporters at the Reach and Remind, Friends of the Industry Seminar 2019 and Dialogue here on Tuesday.
She said as a palm oil producing country, Malaysia would not tolerate the decision made by these countries and action must be taken or it would affect the bilateral trade relations between Malaysia and the EU.
“One by one, EU parliaments have passed this kind of resolution or rules,” she said.
It was earlier reported the Norwegian government had become the third EU country to pass a resolution to ban palm oil, after Switzerland and France.
Kok said that once the letters were completed, the ministry would send a copy to the Malaysian media. - Bernama
Limited time offer:
Just RM5 per month.
