Malaysian palm oil price hits 5-mth top on weaker ringgit, stronger soyoil

Malaysian palm oil futures extended a downward trend, closing 0.3 percent lower on Monday as weak demand weighed on prices.

KUALA LUMPUR: Malaysian palm oil futures reversed earlier losses to rise to their highest in nearly five months on Wednesday evening, charting a fourth day of gains, on a weaker ringgit and tracking gains in U.S. soyoil on the Chicago Board of Trade.

The market had earlier declined on overnight weakness in crude oil prices and profit booking by investors.