Malaysian palm oil price hits one week high on output concerns

Crude palm oil being unloaded from tankers

KUALA LUMPUR: Malaysian palm oil futures on Thursday rose for a second consecutive session on the back of concerns over output growth, although the market had earlier shown mixed signals due to a stronger ringgit and weaker exports.

A stronger ringgit, palm's currency of trade, typically weakens the market as it makes palm oil more expensive for holders of foreign currencies. Earlier in the session, the currency rose to its  highest in over seven months before weakening 0.2 percent to 4.2650 per dollar.