Malaysian palm oil price edges up supported by weaker ringgit, rising demand

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 edged up on Monday supported by weakness in the ringgit , its currency of trade, and with traders bullish about the prospects of improving demand.

The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange rose 0.4 percent to 2,425 ringgit ($619.25) a tonne at the close, after falling to a one-week low of 2,407 ringgit earlier in the session.