29 May 2019 (The Edge Markets MY) KUALA LUMPUR : Malaysian palm oil futures rose over 2% in evening trade on Wednesday, tracking gains in US soyoil on the Chicago Board of Trade and supported by a weaker ringgit.

The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange was last up 1.8% at RM2,104 (US$501.91) per tonne at the close of trade, its third straight session of gains.     

Earlier in the session, it climbed as much as 2.4% to RM2,115, its strongest level since May 21.

Palm oil may rise further into a range of RM2,089-2,111 per tonne, said Wang Tao, a Reuters market analyst for commodities and energy technicals.

"The market is tracking strong gains in the overnight soy market," said a Kuala Lumpur-based trader. "The weaker ringgit is also seen as supportive of palm."

The ringgit, palm's currency of trade, eased 0.1% against the dollar to 4.1940, its weakest level in six months.

A weaker ringgit usually makes the edible oil cheaper for holders of foreign currencies.

In other related oils, the Chicago July soybean oil contract was up 2.6% on Wednesday, extending gains into a third session.

US grains rose on Wednesday after a US government report showed planting across the Midwest lagging way behind the average pace for the time of year.

Meanwhile, the September soyoil contract on the Dalian Commodity Exchange jumped 3.1% and the Dalian September palm oil contract rose 2.6%.

Palm oil prices are affected by movements in soyoil, with which it competes for global market share.

Palm, soy and crude oil prices at 1054 GMT