KUALA LUMPUR: Malaysian palm oil futures achieved their biggest daily gains in more than two weeks on Monday, supported by strength in rival oils and expectations that stockpiles will remain tight. A weaker ringgit, the currency palm oil is traded in, also supported benchmark prices. Palm is supported by a weaker ringgit as this makes the oil cheaper for foreign currency holders. Benchmark palm oil futures for December on the Bursa Malaysia Derivatives Exchange gained 1.9 percent to 2,642 ringgit ($639) a tonne at the end of the trading day, its strongest daily rise since Sept. 5. Palm oil's price performance is frequently impacted by its rival oilseed soy, as they both compete for a share of the global edible oils market.

Source: The Star September 19, 2016 11:37 UTC