Malaysian palm oil price steady at 1-month top on hope of inventory fall

The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange was up 2.7 percent at 2,518 ringgit ($618) at the close of trade, its first gain in three sessions and its sharpest rise since July 25. It earlier hit an intraday high of 2,525 ringgit, its highest level in a week, and rose 1.6 percent on the week after six consecutive weekly falls.

KUALA LUMPUR: Malaysian palm oil futures held steady at a one-month top in early trade on Friday, in line to chart weekly gains of nearly 5 percent, on expectations of dwindling stockpiles and improved exports.

The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange was up 0.1 percent at 2,206 ringgit ($540.69) a tonne at the midday break.