KUALA LUMPUR: Malaysian palm oil futures rose over 1 per cent on Monday evening, hitting the highest in two months on the back of strength in related edible oils and a weaker ringgit.

The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange rose 1.5pc to 2,093 ringgit ($501.08) per tonne at the close of trade. It earlier rose by as much as 1.6pc to 2,095 ringgit, matching the intraday highs reached on May 30.

Palm oil may rise to 2,113 ringgit per tonne, as it has cleared a resistance range of 2,076-2,083 ringgit, said Wang Tao, a Reuters market analyst for commodities and energy technicals.

Published in Dawn, August 6th, 2019