Energy Markets
VEGOILS-Palm increases on weaker Malaysian ringgit, need hopes
Malaysian palm oil futures rose on Thursday due to weakness in the Malaysian ringgit and expectations of enhanced demand as the tropical oil began trading at a discount to rival soft oils. The benchmark palm oil contract for August shipment on the Bursa Malaysia Derivatives Exchange was up 26 ringgit, or 0.67%, at 3,894 ringgit ($ 826.75) a metric load by midday break. The sharp drop in the Malaysian ringgit is supplying support to palm oil and balancing out the effect of weak point in U.S. soyoil futures, said a Mumbai-based trader. The Malaysian ringgit, palm's currency of trade, weakened...