Malaysian palm oil price records biggest gains in nearly a year

Malaysian palm oil futures fell on Tuesday, its seventh straight losing session, as bearish palm fundamentals and declining rival oils weighed on the market. (Worker load and arrange palm oil fruits on top of a lorry inside a palm oil factory area in Sungai Besar, Selangor on Monday June 13, 2016.- FAIHAN GHANI/The Star)

KUALA LUMPUR: Malaysian palm oil futures made their biggest gains in nearly a year, charting a second positive session on Monday evening, tracking firmer competing vegetable oils and supported by strong export data. 

    Benchmark palm oil futures for October on the Bursa Malaysia Derivatives Exchange surged 3.8 percent to 2,622 ringgit ($655) per tonne at the end of the trading day. Palm earlier reached a 10-week top of 2,633 ringgit, its highest since June 7. Palm's rise on Monday was its strongest since Sept. 25.