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KUALA LUMPUR: Malaysian palm oil futures reversed course to hit a three-week closing high on Thursday, triggered by bargain buying amid tight suppllies as Indonesian oil remains absent from the global market.

The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange gained 156 ringgit, or 2.44%, to 6,539 ringgit a tonne, its highest closing price since May 5.

Leading edible oil analyst Dorab Ministry on Thursday urged Indonesia to immediately resume exports of palm oil, warning that a halt in shipments pending details of a domestic sales rule could spell economic “doom” for farmers.

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