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-US 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 crude palm oil to refine itself. That was its strongest gain in five sessions.
December crude palm oil stockpiles in Malaysia likely fell 8.5% from November to their lowest in 27 months due to dry weather and lower fertiliser usage, a Reuters survey showed on Sunday. Dalian's most-active soyaoil contract rose 2.6%, while its palm oil contract dipped 0.03%. Soyaoil prices on the Chicago Board of Trade gained 0.2%.
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