Malaysian palm oil price highest in more than a week

Malaysian palm oil futures closed nearly 1 percent higher on Wednesday, posting their third straight session of gains, on the back of a weaker ringgit. (Filepic shows an oil palm plantation worker carrying an oil palm bunch to be loaded onto the back of a truck at a plantation near Sepang. - Reuters

Benchmark palm oil futures for March delivery on the Bursa Malaysia Derivatives Exchange were up 0.1 percent at 3,130 ringgit ($699) a tonne at the close of trade, after touching a high of 3,153 ringgit earlier in the day, its strongest since Dec. 19. 

Traded volumes stood at 37,024 lots of 25 tonnes each at the end of the trading day, below the 2015 daily average of 44,600 lots.