Malaysian palm oil price opens new year strongly rising to two-week high

Malaysian palm oil futures ended higher on Wednesday as prices tracked rival oils on China's Dalian Commodity Exchange and production data released was within traders' expectations. (A motorcylcist rides past a palm oil tanker in a plantation in Johor. - REUTERS filepic)

KUALA LUMPUR: Malaysian palm oil futures opened the year strongly on Tuesday, rising to a two-week high on weak output and a firm performance by fellow oilseed soy.

Palm was also supported by a weaker ringgit, palm's traded currency, which made it cheaper for holders of foreign currencies.