Kuala Lumpur : Malaysian palm oil futures jumped 1.5 percent to a one-week top in early trade on Wednesday, as the ringgit weakened and related edible oils recovered.
The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was up 1.1 percent at 2,194 ringgit ($541.06) a tonne at the midday break, after rising to its highest since July 12 at 2,203 ringgit.
The contract was higher for a second session in three. Trading volume stood at 23,108 lots of 25 tonnes each.
"Palm prices are up on the ringgit´s depreciation," said one futures trader in Kuala Lumpur.
The ringgit, palm´s currency of trade, fell 0.3 percent to 4.0550 per dollar, its weakest since late December, making the edible oil cheaper for foreign buyers. The rebound in related oils such as U.S. soyoil also helped palm gain, said another trader.
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