Malaysian palm oil price hits over 2-month high on weak production outlook

Malaysian palm oil futures dropped from an eight-week high on Thursday, falling as much as 1.4 percent in the second half of trade, weighed down by weaker soyoil on the U.S. Chicago Board of Trade (CBOT) and profit taking.

KUALA LUMPUR: Malaysian palm oil futures rose to an over two-month high on Wednesday evening, charting a second straight day of gains, as traders forecast declining production in the coming months and improving export data.

The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange rose as much as 1.1 percent to 2,202 ringgit ($535.38) in the second half of trade, its highest level since Oct. 24, before easing some gains. It ended the trading day up 0.2 percent to 2,183 ringgit a tonne.