Malaysian palm oil price up nearly 1% on weaker ringgit, short-covering

Malaysian palm oil edged up on Friday evening for its first gain in four sessions on the back of falling production outlook, after earlier hitting its lowest level since August last year on rising global vegetable oil supplies and weak demand..

KUALA LUMPUR: Malaysian palm oil futures rose late on Monday, charting their first session of gains in three, as the ringgit weakened and traders covered short positions.

Weakness in the ringgit, in which palm oil is traded, makes the vegetable oil cheaper for holders of foreign currencies.