Malaysian palm oil price gains for 2nd straight session out pacing stronger 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 for a second consecutive day, making their sharpest gains in three weeks and outpacing a stronger ringgit as they track improving rival oils in China. 

    The ringgit, in which palm oil is traded, strengthened 0.5 percent to reach 4.1010 against the dollar in the evening, making palm more expensive for foreign currency holders.