Malaysian palm oil price reverses losses to rise ahead of official data release

The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange was last up 1% at 2,203 ringgit per tonne in the evening, its strongest daily gains since Aug. 22. It earlier rose as much as 1.6% to 2,216 ringgit, but is down 1.4% for the week in a second weekly decline.

KUALA LUMPUR:Malaysian palm oil futures pared most of early losses and rose on Friday ahead of a government data release, as polls forecast inventory levels in August falling to an over one-year low.

The market was down in earlier trade weighed by weakness in overnight soyoil on the U.S. Chicago Board of Trade (CBOT) and a stronger ringgit, which typically makes the edible oil more expensive for holders of foreign currencies.