China to buy 50% more palm oil from Malaysia

Kok: We hope the numbers will increase as we go along, but this is a very good start. — Bloomberg

KUALA LUMPUR: China is bumping up its palm oil purchase from Malaysia by around 50% to around 4.7 million tonnes, which will be a huge boost to local planters and the government, which has been struggling with high stock piles.

The good news came when Malaysia entered into four agreements with Chinese parties for the export of 1.62 million tonnes of palm oil, worth a total of US$891mil (RM3.63bil) based on current prices.