Malaysian palm oil futures were trading above MYR 3,650 per tonne after falling below MYR 3,600 last week, amid signs of strong demand from India. Palm oil imports to India in June are set to soar 46% from a month ago to their highest in three months, as buyers took advantage of a dip in prices to their lowest in 28 months to increase purchases, according to Reuters. Meantime, exports of palm oil products from Malaysia for June 1-25 fell 8.7% from the same period in May, according to cargo surveyor Intertek Testing Services. In Indonesia, the government is mulling diverting its Europe-bound palm oil exports to Africa after the EU launched the anti-deforestation law that is detrimental to the Southeast Asian country’s top commodity.
