Malaysian palm oil price jumps 1% ahead of USDA report

Malaysian palm oil futures hit their highest in six weeks on Monday, aided by rival oilseed soy's gains on the Chicago Board of Trade (CBOT) and China's Dalian Commodity Exchange.

KUALA LUMPUR: Malaysian palm oil futures rebounded on Tuesday after initial profit taking to record a second straight session of gains, as the market anticipated positive data from the United States Department of Agriculture (USDA).

The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange, which is trading near six-month highs, rose 0.96 percent to 2,829 ringgit ($673). It rose as much as 0.9 percent to 2,836 ringgit earlier in the session following Monday's 1.5 percent gain.