I dont know where @will76 got the news but BRENT is still 29.24 at 12:50 am.

NOT 26.97!

Dont give a wrong news to create market speculation.
I dont mind giving speculation, opinion. But not using FAKE news /info.

Velesto will be pushing to .135 tomorrow.

All of their rig are fully occupied despite low oil price. they are making $$.

@upsidedown119 That's refined palm oil. They still take the crude palm oil. Refined palm oil can now go to China.

-- India bought crude palm oil from Indonesia, not Malaysia. They bought refined palm oil from Malaysia previously, but now the game will change.

As a fellow trader, TDM and FGV is safer bet due to nation priorities. Rsawit need to turn to make profit first then can have assurance in investors. If else, it is just big shark pulling in for money, hit and run to make profit. small fish die in between.

Malaysia’s comment on new citizenship law angered New Delhi

* India buys most of its refined palm oil from Malaysia

* Indonesia’s share of India’s palm imports could rise-traders (Adds details on restrictions, industry comments)

By Rajendra Jadhav

MUMBAI, Jan 8 (Reuters) - India imposed restrictions on imports of refined palm oil and palmolein on Wednesday, a move sources said was retaliation against top supplier Malaysia after its criticism of India’s actions in Kashmir and a new citizenship law.

The Indian Ministry of Commerce and Industry issued a notification declaring that the import of refined palm oil “is amended from ‘Free’ to ‘Restricted.’”

Four industry sources told Reuters that the memo was an effective ban on imports of refined palm oil, meaning India can now only import crude palm oil. It will hit Malaysia, the main supplier to India of refined palm oil and palmolein, but is likely to help Indonesia, the biggest exporter of crude palm oil.

Indian government and industry sources told Reuters that Prime Minister Narendra Modi’s Hindu nationalist government was seeking to target Malaysia after recent criticism of India by Malaysian Prime Minister Mahathir Mohamad.

Mahathir said in October that India “invaded and occupied” Kashmir, a disputed Muslim-majority region also claimed by Pakistan. Last month he said India was stoking unrest with its new citizenship law, which critics say undermines the country’s secular foundations.

Palmolein is a liquid form of palm oil used in cooking.

New Delhi had earlier this week informally asked palm oil refiners and traders to avoid buying Malaysian palm oil.

The decision to restrict all imports of refined palm oil is also likely to boost business for Indian refiners of the vegetable oil.

Indian crude palm oil, soyoil soybean and rapeseed prices jumped after the announcement.

“This move in a way will punish Malaysia and will help local refiners as well,” a Mumbai-based refiner, who declined to be named, said.

The Indian Ministry of Commerce and Industry did not respond to a request for further information. Malaysia’s Primary Industries Minister Teresa Kok, who is responsible for the palm oil industry, declined to comment.

“Malaysia is in a lose-lose situation with this ruling,” said Sathia Varqa owner and co-founder of Singapore-based Palm Oil Analytics, adding “India will ramp up buying of CPO from Indonesia.”

Indonesia traditionally corned around two-third of India’s palm oil imports, but a lower duty on refined palm oil helped Malaysia to overtake Indonesia as India’s biggest supplier in 2019.

Palm oil is crucial for the Malaysian economy as it accounts for 2.8% of gross domestic product and 4.5% of total exports. State-owned and private Malaysian refineries will likely have to scramble to find new buyers for their refined product.

Indian refiners need the boost as refining activity in the country has been hit in the past year by imports of cheaper refined palm oil, said B.V. Mehta, executive director of the Solvent Extractors’ Association (SEA), a Mumbai-based trade body.

“Indian refiners were struggling for survival ... The ban on refined palm oil imports will help refiners, local farmers and help in creating new jobs,” Mehta said.

Palm oil accounts for nearly two-thirds of India’s total edible oil imports. The country buys more than 9 million tonnes of palm oil annually, mainly from Indonesia and Malaysia. Indonesia is the world’s biggest producer of palm oil, followed by Malaysia.

KUALA LUMPUR (Jan 8): The Indian government has banned imports of refined palm oil into the country, according to a government notification sighted by theedgemarkets.com.

According to the notification, the import policy for refined bleached deodorised palm oil and refined bleached deodorised palmolein has been amended from ‘Free’ to ‘Restricted’.

The new policy is believed to be in response to Prime Minister Tun Dr Mahathir Mohamad's criticism on India's actions in the Kashmir region and its new citizenship law.

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Note that India is the world's biggest importer of palm oil, where it imports most of its refined palm oil from Malaysia and crude palm oil from Indonesia.

Malaysia exported palm oil worth some US$1.65 billion (RM6.9 billion) to India in 2018. Palm oil accounts for 2.8% of Malaysia's gross domestic product and 4.5% of total exports.

The notification dated Jan 8 read: "In exercise of powers conferred by Section 3 of FT (D&R) Act, 1992, read with paragraph 1.02 and 2.01 of the Foreign Trade Policy 2015-2020, as amended from time to time, the Central Government hereby amends the import policy of items under Exim Code 1511 90 of Chapter 15 of ITC (HS), 2017, Schedule-1 (Import Policy)."

Items under Exim Code 1511 90 includes refined bleached deodorised palm oil and refined bleached deodorised palmolein.

As such, the effect of the notification is that the import policy for said items is amended from 'Free' to 'Restricted'.

Yesterday (Jan 7), Reuters reported India has informally asked palm oil refiners and traders to avoid buying Malaysian palm oil, according to sources.