Biggest jump for Malaysian palm price in 5 months on short-covering, weak ringgit

Plantations on Sumatra island and the Indonesian part of Borneo have expanded in recent years as demand for palm oil has skyrocketed, resulting in the destruction of vast tracks of jungle. - AFP/File

KUALA LUMPUR: Malaysian palm oil futures rose on Wednesday, marking their sharpest jump in nearly five months, as traders covered short positions after four sessions of losses and as the ringgit sunk to its weakest in five weeks.

    The palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange was 3 percent higher at 2,616 ringgit ($656) per tonne by the close of trade.