Malaysian palm oil price Palm up 1% on zero tax forecast, technical rebound

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 rose 1 percent by close of trade on Wednesday, reversing losses from earlier in the day to chart a fourth straight day of gains on expectations that Malaysia's crude palm oil export duty for September could be a zero rate.

The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was up 1 percent at 2,258 ringgit ($554.25) a tonne in the evening. The market earlier climbed to 2,265 ringgit, palm's strongest levels since July 10, helped too by a technical rebound.