Malaysian palm oil price hits near 2-month top on tracking US soyoil strength

The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was up 1.5% at 2,058 ringgit ($500.36) per tonne at the close of trade. This marks its fourth straight session of progress, and its strongest daily gains in six weeks. It earlier rose as much as 1.6% to 2,062 ringgit, its highest levels since June 7.

KUALA LUMPUR:Malaysian palm oil futures jumped more than 1% on Thursday evening to hit near two-month highs, extending gains on stronger U.S. soyoil on the Chicago Board of Trade (CBOT) and short covering.

The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was up 1.5% at 2,058 ringgit ($500.36) per tonne at the close of trade. This marks its fourth straight session of progress, and its strongest daily gains in six weeks.