The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange closed at 72 ringgit, or up 2.4%, at 3,113 ringgit ($761.50), on speculation India might import more crudepalm oil to refine itself.
KUALA LUMPUR: Malaysian crude palm oil futures rallied on Thursday, recouping losses suffered this week, as India's move to restrict imports of refined palm oil boosted prices, while signs of de-escalation in Iran-U.S. tensions soothed concerns.
The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange closed at 72 ringgit, or up 2.4%, at 3,113 ringgit ($761.50), on speculation India might import more crudepalm oil to refine itself.
