The market is getting help too from data showing palm exports to China from Malaysia, the second-biggest producer, surged about 42% from a month earlier to 164,838 tons in the first 20 days of October.
KUALA LUMPUR: Palm oil futures surged to their highest level since June last year at RM2,359 a tonne on Wednesday as a Chinese decision to waive retaliatory tariffs on purchases of US soybeans boosted prices of rival soybean oil.
The market is supported by the runup in soyoil futures on the Chicago Board of Trade and the Dalian Commodity Exchange following news that China granted the licences, said Sathia Varqa, owner of Palm Oil Analytics in Singapore.
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