India, the world’s largest edible oil buyer, has reportedly imposed import restrictions on refined palm oil and instructed traders to avoid palm oil-related purchases from Malaysia following a recent misunderstanding between the two countries’ governments.
Subsequently, Malaysian palm oil futures fell to their lowest in a month and recorded their lowest weekly decline since 2012, falling 7.8% during the week ended Jan 17, largely due to India’s import restrictions on Malaysian palm oil dragging the commodity’s price.