Malaysian palm oil price rises to one-week high on bullish price forecast

"The market is up on Mielke's comments," said a futures trader in Kuala Lumpur, referring to key industry analyst Thomas Mielke,(filepic) who forecast that prices of the edible oil had already reached their lower limit at 2,100 ringgit, and could move up to 2,500 ringgit in the next six months. Speaking at an industry conference on Tuesday, Mielke also said he expected Malaysia's palm oil production to dip this year due to lower yields.

KUALA LUMPUR: Malaysian palm oil futures rose more than 1 percent to a one-week high on Tuesday evening, supported by a bullish price outlook by an analyst at an industry conference in Kuala Lumpur.

Overnight gains in U.S. soyoil on the Chicago Board of Trade (CBOT) also lent support to palm, said traders.