Malaysian palm oil price jumps to 2-week peak on short covering

Malaysian palm oil futures extended a downward trend, closing 0.3 percent lower on Monday as weak demand weighed on prices.

KUALA LUMPUR: Malaysian palm oil futures rose over 1 percent on Wednesday evening, a third straight day of gains, on the back of technical buying and as the market turned bullish on forecasts that the world's top palm importer India is likely to receive below-normal monsoon rains in 2018.

The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was 0.8 percent higher at 2,212 ringgit ($544.29) a tonne at the end of the trading day.