Malaysian palm oil price rises nearly 3% as demand outlook improves

Malaysian palm oil futures rose 2 percent on Tuesday, a second consecutive session of gains on stronger export demand and expectations of weaker production.

KUALA LUMPUR: Malaysian palm oil futures surged nearly 3 percent to their highest in a month on Wednesday on expectations for strengthening demand in coming weeks.

The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange closed up 2.9 percent at 2,606 ringgit ($649.55) a tonne, its strongest daily gain in about nine  months.