Malaysian palm oil price climbs to one-month peak on bullish export data

The oil palm (Elaeis guineensis) is native to West Africa. It was introduced to then Malaya by the British in the 1870s. Photos: MPOC

KUALA LUMPUR: Malaysian palm oil futures rose to their highest in a month on Monday evening, charting a fourth day of gains after supportive export data from the Malaysian Palm Oil Board (MPOB).

The benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange surged 1.2 percent to 2,543 ringgit ($645.92) a tonne at the close of trade, its strongest daily gain in two weeks. It had earlier touched 2,555 ringgit, the highest level since Jan. 15.