KUALA LUMPUR: Malaysian palm oil futures reversed early losses on Tuesday, climbing to 10-year highs, as survey showed December stockpiles tumbling to their lowest in over a decade.

The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange closed up 32 ringgit, or 0.86%, to 3,756 ringgit ($935.72) a tonne.

Palm rose for a fifth straight day to its highest since Feb. 18, 2011.

A Reuters survey showed that Malaysia’s palm oil inventories likely fell 22% in December to 1.22 million tonnes, a more than 13-year low, as production of the edible oil fell for a third consecutive month while exports jumped.

Meanwhile, Indonesia recorded output of 7.91 million kilolitres of palm oil-based biodiesel from January to November 2020, according to the Indonesian Biodiesel Producers Association. Dalian’s most-active soyaoil contract were down 0.5%, while its palm oil contract fell 0.4%.