Palm rises on higher Indonesian export levy, weak ringgit

KUALA LUMPUR: Malaysian palm oil futures rose on Friday, heading for their first monthly jump in four, underpinned by higher Indonesian export levy and weakening ringgit currency.

The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange gained 46 ringgit, or 1.23%, to 3,801 ringgit ($812.87) per metric ton during early trade.

Palm oil ends higher on rival oils’ movement

The contract is set for an 18.8% monthly jump.

However, it has lost nearly 9% in the first half of the year.