KUALA LUMPUR: Malaysian palm oil futures opened slightly higher on Thursday after four straight sessions of losses, supported by stronger rival Dalian oils and by India’s decision to cut import duty.
The gains were limited, however, by weaker Chicago soyoil and lower crude oil prices, which reduced support for palm oil, used both in food and as a biofuel.
The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange gained 11 ringgit, or 0.23%, to 4,779 ringgit ($1,170.75) a metric ton in early trade.
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