Malaysian palm oil price makes biggest gains in a week on related oil strength

At Monday's close, the benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange was down 3.9 percent at 1,965 ringgit ($469.42) a tonne. That was its biggest one-day dip since Feb. 16 last year. Traded volumes stood at 53,531 lots of 25 tonnes each.

KUALA LUMPUR: Malaysian palm oil futures opened at their highest in nearly seven months on Monday, notching up a sixth session of gains in seven, supported by strength in related edible oils.

The benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange opened 1.7 percent higher at 2,333 ringgit. It was last up 1.4 percent at 2,327 ringgit ($566.46) a tonne at the end of the trading day, its strongest daily gains since Jan. 22.