A worker gathering oil palm fruit. (Reuters pic)MUMBAI: Indian refiners have resumed buying Malaysian palm oil after a gap of nearly a month and contracted around 70,000 tonnes of shipments in December as Kuala Lumpur has been offering a US$5 per ton discount over supplies from rival Indonesia, five traders told Reuters on Thursday.
The resumption in purchases by India, the biggest buyer of Malaysian palm oil this year, could support Malaysian palm oil prices FCPOc3, which are near their highest in two years.
Palm oil is crucial for Malaysian economy as it accounted for 2.8% of Malaysia’s gross domestic product last …read more
Source:: Free Malaysia Today
