Curbs on Malaysian palm oil import present a good opportunity
The first decline in three months of growing purchases by India, the world's biggest importer, may boost inventories in top producers Indonesia and Malaysia
Malaysia is the world's second largest producer and exporter of palm oil after Indonesia, and the edible oil contributed to 2.8% of its gross domestic product last year
Data released by a state millers association earlier this week showed slower output growth for the first 20 days of August compared with a month earlier
Malaysian exports of refined palm oil to India, the world's biggest importer of edible oils, jumped 727% in the first half of 2019 to 1.57 million tonnes compared with the same period a year before
Although the market was earlier down, another futures trader had said it could firm up as palm oil export data so far showed rising demand
Oil for delivery in this month gained Rs 16.30, or 2.99%
A firm global trend also influenced sentiment