Malaysian palm oil price hits over 18-month high on lower output expectations

The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange closed 3.4% higher at 2,498 ringgit ($597.82) per tonne. It earlier hit as high as 2,499 ringgit per tonne, which was its highest since April 6 last year.

SINGAPORE: Malaysian palm oil futures extended gains for a sixth straight session on Wednesday, rising over 3% to hit a more than 18-month high, on expectations of declining production but a stronger ringgit capped gains.

The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange closed 3.4% higher at 2,498 ringgit ($597.82) per tonne.