Malaysian palm oil price hits fresh 2-month peak on weaker ringgit

The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was up 0.4% at 2, 102 ringgit ($502) per tonne at the close of trade, after briefly hitting 2, 108 ringgit, its strongest level since May 29.

KUALA LUMPUR: Malaysian palm oil futures reversed early losses to close higher on Tuesday, hitting a fresh two-month high on the back of a weaker ringgit and expectations of lower August production.

The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was up 0.4% at 2, 102 ringgit ($502) per tonne at the close of trade, after briefly hitting 2, 108 ringgit, its strongest level since May 29.