Malaysian palm oil price chalks up biggest daily gain in four months

Malaysian palm oil futures declined on Monday evening, charting a second session of decline in three, as the market was pulled down by weaker demand and overnight losses in U.S. soyoil.

KUALA LUMPUR: Malaysian palm oil futures clocked their highest daily gain in four months on Monday, tracking an uptrend in crude oil prices and supported by soyoil on the U.S. Chicago Board of Trade.

The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange jumped 1.8 percent to 2,383 ringgit ($604.36) a tonne at the end of the trading day for its biggest daily gain since Jan. 2.