Malaysian palm oil price snaps losing streak on technical correction

RAM also said the increase in Indian import duties on rival soybean oil in June 2018 was also expected to reverse the downtrend in palm oil exports for Malaysia and Indonesia.

KUALA LUMPUR: Malaysian palm oil futures edged higher on Thursday evening to snap four sessions of declines on a technical correction and support from a strong demand outlook.

The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange was 0.3 percent higher at 2,243 ringgit ($541.40) a tonne at the close of trade, after hitting a two-week low in the previous session.