Malaysian palm oil price surges as India restricts refined palm oil imports


  • Business Premium
  • Friday, 10 Jan 2020

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.

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