Better Malaysia's relationship with India may boost crude palm oil prices

Crude palm oil prices may rise to 2,300-2,400 ringgit ($528.37-$551.34) per tonnne in the coming months as Malaysia's relationship with top importer India improves, industry regulator the Malaysian Palm Oil Board (MPOB) said on Wednesday.

The newly appointed MPOB Chairman Ahmad Jazlan Yaakub said in a statement the rally will come as a relief to industry participants and the tens of thousands of smallholders in the country, the Reuters reported.

Malaysian benchmark crude palm oil prices have plunged nearly 30 per cent since the start of the year to trade at 2,227 ringgit per tonne on Wednesday after global lockdowns