Palm oil price rises as Malaysia looks to repair ties with India

The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange closed 1.8% higher at 2,253 ringgit ($537.26) a tonne. The vegetable oil contract took a hit this week after Indian refiners halted purchases of Malaysian palm oil for shipment in November and December, fearing New Delhi could raise import taxes or enforce other measures to curtail imports.

SINGAPORE: Malaysian palm oil futures rose over 1.5% on Wednesday after the government said it will import more products from top palm buyer India in a bid to mend relations following a row over Kashmir.

The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange closed 1.8% higher at 2,253 ringgit ($537.26) a tonne.