Malaysian palm oil price rises with edible oils on hopes of US-China trade deal

Malaysian palm oil futures rose nearly 2 percent on Tuesday, hitting their highest in nearly three weeks, as production rose more slowly than expected.

KUALA LUMPUR: Malaysian palm oil futures gained on Monday to their highest level in a week, boosted by strength in other edible oils and expectations of a trade deal between China and the United States.

The United States and China appear close to a deal that would roll back U.S. tariffs on at least $200 billion worth of Chinese goods, as Beijing makes pledges on structural economic changes and eliminates retaliatory tariffs on U.S. goods, a source briefed on negotiations told Reuters on Sunday.

The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange rose 0.5 percent to 2,200 ringgit ($540.41) a tonne at midday break.