Malaysian palm oil price soars to over two-year high

Malaysian palm oil futures extended gains, touching a two-week high on Wednesday on improving demand amid expectations of further weakness in the ringgit.

KUALA LUMPUR: Malaysian palm oil futures climbed to their strongest levels in two and a half years on Monday evening on declining output data, and tracking gains in rival oils on China's Dalian Commodity Exchange and the Chicago Board of Trade (CBOT). 

    Benchmark palm oil futures for January on the Bursa Malaysia Derivatives Exchange surged 3.6 percent to 2,822 ringgit ($676) a tonne at the end of the trading day. Earlier in the session, the contract hit 2,828 ringgit, its highest since March 13, 2014 and also posted the strongest gains in a week.