Malaysian palm oil posts annual loss after three years of gains

Malaysian palm oil futures rose on Friday as top producer Indonesia tightened export rules, although the benchmark contract logged an annual loss after three years of gains. Palm oil prices witnessed volatility this year due to the Ukraine conflict-led tight supplies and a pandemic-related demand slump in key market China. The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange ended the year higher by 88 ringgit, or 2.15%, at 4,178 ringgit ($949.55) a tonne. It lost 11% for the year. Indonesia will tighten export rules for palm oil from Jan. 1, allowing less shipments overseas for every tonne sold domestically, as it seeks to ensure sufficient domestic supply, a government official said on Friday. Better demand from China for the forward months as it reopens borders and production issues are supporting palm oil prices, said Mitesh Saiya, manager at Mumbai-based trading firm Kantilal Laxmichand & Co. India has extended its policy to allow ...