Malaysian palm oil price recovers from early losses, tracking rival soy

Masing says the oil palm industry contributed RM8bil to Sarawak

KUALA LUMPUR: Malaysian palm oil futures bounced back from early losses to close 1.3 percent higher on Thursday, as the market recovered from an oversold state, while gains in soy also boosted sentiment.

    Palm lost 10.2 percent in June on weak fundamentals, as traders expect seasonal output to rise from now until the final quarter of the year, while exports are also seen slowing down until the next major festive season of Diwali in late October.