Malaysian palm oil price gains on weaker ringgit, stronger govt data

Benchmark palm oil futures for February delivery on the Bursa Malaysia Derivatives Exchange rose 0.9 percent to 3,098 ringgit ($699) a tonne at the end of the trading day. Earlier in the session, they hit a low of 3,051 ringgit, their lowest since Dec. 1

KUALA LUMPUR: Malaysian palm oil futures rose for a second consecutive session on Wednesday after closely watched output and export data released during the midday break supported bullish sentiment.

    The market was also helped by a weaker ringgit, palm's traded currency, as this makes it cheaper for foreign buyers. The ringgit fell 0.2 percent against the dollar.