Malaysian palm oil closed higher on Friday, reversing earlier losses, as traders squared positions ahead of the weekend and as low stock levels supported the market.
OIL palm, introduced to Malaysia in 1870 as an ornamental plant, is today the country’s most important commodity crop.
When large-scale cultivation started in 1960, the total planted areas grew tremendously, reaching an estimated 1.5 million hectares in 1985 and up to 4.917 million hectares in 2011.
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