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: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets on Monday Feb 19.
FUNDAMENTALS
* Malaysian palm oil futures edged up slightly around noon on Thursday, snapping two sessions of declines, tracking overnight gains in U.S. soyoil on the Chicago Board of Trade (CBOT).
* U.S. soybean futures fell from their highest since late July on Friday as traders locked in profits from this week's weather-driven rally.
* Oil prices extended gains on Monday, but the increases were limited as the dollar recaptured some ground after touching its lowest level in more than three years on Friday.
MARKET NEWS
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