The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was up 1.25% at 2,028 ringgit ($492.59) per tonne at the close of trade in its third straight session of gains. Earlier in the session, it rose as much as 1.3% to 2,030 ringgit, its strongest levels since June 21.
KUALA LUMPUR: Malaysian palm oil futures fell by more than 2% on Wednesday to hit their lowest levels in a month, triggered by weakness in U.S. soyoil prices on the Chicago Board of Trade.
Palm oil prices had were earlier traded within a range, with the competing forces of expectations for bullish industry data and weakness in soyoil and crude oil prices.
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