Palm rises about 2% on India demand hopes, stronger crude, Dalian

Business Recorder reported that Malaysian palm oil futures rose nearly 2% on Thursday, ending two consecutive sessions of losses. The December contract, the market benchmark on the Bursa Malaysia Derivatives Exchange, added 81 ringgit, a gain of 1.79%, to 4,605 ringgit ($1,127.57) per metric ton in early dealings. The gain marked a recovery from the losses seen in the two previous sessions.

According to the report, the rebound was supported by expectations of heavier purchases from India, stronger crude oil prices and firmer movement in rival Dalian oils. Together, these factors lifted sentiment and gave the December contract a firmer footing after its recent declines. The figures reflect early trade only, so the closing level was not yet available.