(Adds closing prices) By Mei Mei Chu KUALA LUMPUR, Jan 9 (Reuters) - Malaysian crude palm oil futures rallied on Thursday, recouping losses suffered this week, as India's move to restrict imports of refined palm oil boosted prices, while signs of de-escalation in Iran-U.S. tensions soothed concerns. The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange closed at 72 ringgit, or up 2.4%, at 3,113 ringgit ($761.50), on speculation India might import more crude palm oil to refine itself. That was its strongest gain in five sessions. India imposed restrictions on refined palm oil and palmolein imports on Wednesday, a move sources said was a retaliation against top supplier Malaysia after its criticism of India's actions in Kashmir and a new citizenship law. The move would lead to a loss of market share for Malaysia in refined palm oil and spark a price war with rival supplier, Indonesia, which has traditionally been more cost competitive, the Palm Oil Refiners Association of Malaysia said on Thursday. Meanwhile, U.S. President Donald Trump on Wednesday tempered days of angry rhetoric and said Iran was "standing down" after its missile attacks at U.S. forces in Iraq left no casualties, while Tehran said the strikes "concluded" its response to the killing of military leader Qassem Soleimani. December crude palm oil stockpiles in Malaysia likely fell 8.5% from November to their lowest in 27 months due to dry weather and lower fertiliser usage, a Reuters survey showed on Sunday. Dalian's most-active soyoil contract rose 2.6%, while its palm oil contract dipped 0.03%. Soyoil prices on the Chicago Board of Trade gained 0.2%. Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market. Palm, soy and crude oil prices at 1019 GMT Contract Month Last Change Low High Volume MY PALM OIL MAR0 3113 +72.00 3038 3124 24034 MY PALM OIL FEB0 3120 +68.00 3050 3134 1720 MY PALM OIL JAN0 3120 +82.00 3088 3120 99 CHINA PALM OLEIN JAN0 0 +0.00 0 0 0 CHINA SOYOIL JAN0 0 +0.00 0 0 0 CBOT SOY OIL MAR0 34.94 +0.38 34.57 34.95 12850 INDIA PALM OIL JAN0 831.50 +7.10 825.40 835 1672 INDIA SOYOIL JAN0 940 +10.00 930.6 940.6 8260 NYMEX CRUDE FEB0 59.63 +0.02 59.51 60.31 118750 ($1 = 4.0880 ringgit) (Reporting by Mei Mei Chu; Editing by Shailesh Kuber and Mark Potter)
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