Malaysian palm oil price slips, tracking falls in global financial markets

The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange was up 2.7 percent at 2,518 ringgit ($618) at the close of trade, its first gain in three sessions and its sharpest rise since July 25. It earlier hit an intraday high of 2,525 ringgit, its highest level in a week, and rose 1.6 percent on the week after six consecutive weekly falls.

KUALA LUMPUR: Malaysian palm oil futures declined on Tuesday, and have now fallen in three of the past four days, tracking losses in global financial markets and as traders booked profits.

Stock markets tumbled worldwide as investors fled from equities, spooked by a sharp rise in U.S. bond yields following data that showed U.S. wages increasing at the fastest pace since 2009.