Malaysian palm oil price rises, closes with strongest annual gain in 6 years

Higher biodiesel usage is an important factor behind improving CPO prices in 2016, as CPO is the main raw material for biodiesel.

KUALA LUMPUR: Malaysian palm oil futures rose in late trade on Friday to close the year up 25.1 percent for the strongest annual gain since 2010.

    Other related palm oil products also recorded their biggest annual gains in six years. Refined, bleached and deodorized (RBD) palm stearin prices surged 47 percent this year, while RBD palm olein rose 33 percent, according to assessment prices by Thomson Reuters.