Malaysian palm oil price up more than 1%, tracks stronger US soyoil

Malaysian palm oil futures rose for a third consecutive session on Wednesday, but the rally may lose steam due to concerns about rising stockpiles, traders said.

KUALA LUMPUR: Malaysian palm oil futures rose more than 1 percent on Tuesday and hit its highest level in six weeks, tracking gains in U.S. soyoil in Chicago and supported by prospects for an easing of production.

The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange closed 1.5 percent higher at 2,153 ringgit ($516) a tonne. It earlier climbed to 2,158 ringgit, its highest level since Nov. 1.