Malaysian palm oil price jumps over 2% as India cuts import tax

Malaysian palm oil futures fell over 1 percent on Thursday after three consecutive sessions of gains, on expectations of rising inventory levels and technical selling.

KUALA LUMPUR: Malaysian palm oil futures rose to their highest in nearly two weeks on the first trading day of 2019, after world's largest edible oil importer India announced import tax cuts, amid expectations of a fall in production.

The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange was up 2.1 percent at 2,166 ringgit ($523.82) a tonne at the close of trade, its strongest daily gains in two and a half weeks.