Malaysian palm oil price up more than 1% on soyoil strength, weaker ringgit

The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange was up 1.5 percent at 2,538 ringgit ($621.91) a tonne at the close of trade, its third consecutive day of gains. It earlier rose to 2,541 ringgit, its strongest level since Dec. 18.

KUALA LUMPUR: Malaysian palm oil futures jumped by more than 1 percent to its highest in nearly a month on Tuesday, extending gains into a third session on strength in related edible oils and earlier weakness in the ringgit.

The ringgit had hit its weakest since Dec. 27 on Tuesday, but closed up 0.1 percent at 4.0470 against the dollar.