Kuala Lumpur: Malaysian palm oil futures surged over 2 per cent in the first trading session of 2020, surpassing rival soyabean oil on the Chicago Board of Trade on higher imports from India due to a tax cut amid expectations of lower December inventories.
The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange closed up at 74 ringgit, or 2.4 per cent, at 3,126 ringgit ($765.24), reversing a 2.4 per cent drop in the previous session on yearend profit-taking.
It had peaked to a new near three-year high of 3,144 ringgit earlier in the session, the highest since Jan 25, 2017.
The Chicago Board of Trade was closed for the New Year holiday, but last traded at 3,109 ringgit on Tuesday.
Source: economictimes.indiatimes.com