Palm oil extends gains on weak ringgit, improvement in demand

MUMBAI: Malaysian palm oil futures extended gains on Friday on a weak ringgit, an improvement in demand from China and as top producer Indonesia clarified that it would not make exports mandatory via a new exchange, easing concerns about supply pressures.

Malaysian palm oil sheds gains

The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange rose 54 ringgit, or 1.48%, to close at 3,692 ringgit ($780.55) per metric ton in early trade, after rising nearly 2.5% on Thursday.