The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange was up 2.7 percent at 2,518 ringgit ($618) at the close of trade, its first gain in three sessions and its sharpest rise since July 25. It earlier hit an intraday high of 2,525 ringgit, its highest level in a week, and rose 1.6 percent on the week after six consecutive weekly falls.
KUALA LUMPUR: Malaysian palm oil futures rose more than 1 percent on Tuesday evening, tracking related edible oils and supported by improving export demand.
The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange rose 1.2 percent to 2,532 ringgit ($630.16) a tonne at the end of the trading day.
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