Palm oil price at week high on stronger soyoil, weaker ringgit

The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives exchange was up 1.1% at 2,004 ringgit ($486.64) per tonne at the close of trade, after declining earlier on overnight losses in U.S. soyoil on the Chicago Board of Trade (CBOT).

KUALA LUMPUR: Malaysian palm oil futures climbed to a one-week top in early trade on Wednesday, in line to chart a third consecutive day of gain, as it tracked an increase in U.S. soyoil on the Chicago Board of Trade (CBOT) and a weaker ringgit.

The ringgit, palm's currency of trade, on Wednesday, eased to its weakest levels against the dollar since end-December. It was last down 0.1% to 4.1720. A weaker ringgit supports palm oil by making it cheaper for foreign buyers.