Malaysian palm oil price declines on weaker crude oil, profit-taking

The Malaysian currency rose as much as 0.53 percent against the dollar to 3.8550, its highest since April 2016, bolstered by high oil prices and portfolio inflows. It was last up 0.35 percent at 3.8620 per dollar on Wednesday evening for a third consecutive sessions of gains. Gains in the ringgit, palm's currency of trade, usually weigh on the tropical oil by making it more expensive for holders of foreign currencies

KUALA LUMPUR: Malaysian palm oil futures declined in trade on Wednesday evening, tracking weakness in crude oil prices and as traders booked profit after the vegetable oil jumped to a six-week high in the previous session.

The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange was down 0.2 percent at 2,473 ringgit ($621.36) a tonne at the close of trade.