Malaysian palm oil price hits near 2-week top on stronger soy

Malaysian palm oil futures slipped on Monday as a stronger ringgit and expectations for higher production offset data showing an increase in export shipments.

KUALA LUMPUR: Malaysian palm oil futures rose on Friday evening to chart a fourth consecutive day of gains, reaching its highest levels in nearly two weeks as it tracked gains in soyoil on the Chicago Board of Trade.

The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was up 0.7 percent at 2,682 ringgit ($624.67) at the close. It earlier rose to 2,685 ringgit, its strongest levels since Aug. 1. The market was also up 2.8 percent for the week.