Malaysian palm oil price bounces back to hit over 8-month high on weak ringgit

palm oil fruits workers

SINGAPORE: Malaysian palm oil recovered losses and jumped to a more than eight month-high on Tuesday, aided by a weaker ringgit, gains in U.S. soyoil and positive consumption outlook from Malaysia and Indonesia's biofuels push.

The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange closed to rise 1.4% to 2,317 ringgit ($553.38) per tonne, the highest since Feb. 7.