Malaysian palm oil price extends gains on weak ringgit, biodiesel demand hopes


The palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange rose as much as 0.82 percent to 2,568 ringgit a tonne, its highest since May 19, 2014, before settling down 0.6 percent 2,531 ringgit ($610.62) per tonne. Traded volume stood at 48,968 lots of 25 tonnes each.

MUMBAI: Malaysian palm oil futures extended gains on Tuesday on a drop in the ringgit and hopes that top producing countries will now use more tropical oil for biodiesel production.

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