KUALA LUMPUR: Malaysian palm oil futures rose to their highest in nearly two weeks on the first trading day of 2019, after world’s largest edible oil importer India announced import tax cuts, amid expectations of a fall in production.

The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange was up 2.1 per cent at 2,166 ringgit ($523.82) a tonne at the close of trade, its strongest daily gains in two and a half weeks.

It earlier rose as much as 2.4pc to 2,171 ringgit, its strongest levels since Dec. 21.

Trading volumes stood at 32,672 lots of 25 tonnes each at the end of the trading day.

Published in Dawn, January 3rd, 2019