Malaysian palm oil price climbs to 7-month peak, tracking US soy

Malaysian palm oil futures fell to their lowest in nearly three years on Friday evening in a fourth session of losses, tracking declines in related edible oils.

KUALA LUMPUR: Malaysian palm oil futures jumped 1.7 percent to a more than seven-month high on Thursday, tracking strength in overnight U.S. soyoil and on bullish forecasts for the vegetable oil, though the market pared gains towards the end of the session.

The benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange was up 0.5 percent at 2,318 ringgit ($569.32) a tonne at the close. It earlier rose as much as 1.7 percent to an intraday high of 2,344 ringgit, its highest since June 29.