KUALA LUMPUR: Malaysian palm oil futures were in line for their second consecutive session of gains at the midday break on Friday, buoyed by expectations of rising demand and tracking gains in palm kernel oil prices.
Another trader said palm prices were also supported by overnight gains in U.S. soyoil on the Chicago Board of Trade.
The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange was up 0.3 percent at 2,665 ringgit ($620.72) at the midday break.
Traded volumes stood at 21,354 lots of 25 tonnes each at noon. "The market is up on expectations of strong demand," said a futures trader from Kuala Lumpur, as key markets India and China could stock up purchases of the tropical oil ahead of the Diwali and mid-Autumn festivals in October.
Malaysian palm oil exports for the first half of August dropped compared with the corresponding period in July, according to data from cargo surveyors. Intertek Testing Services reported a 14.6 percent decline, while Societe Generale de Surveillance showed a 12.8 percent drop.
Chinese power company had intended to acquire up to 18.336 billion ordinary shares of K-Electric, representing 66.4...
MARI also successfully drilled and tested another appraisal well in the Mari Ghazij formation located in Mari D&PL
Gold rates decreased by $30 to $2,381 per ounce in the international market
Growing number of Americans have seen their savings dwindle as rising prices squeeze budgets while interest rates stay...
IMF will closely watch the privatization of PIA by the end of June
PSX lays down the groundwork to encourage listed companies to adopt ESG reporting in line with global standards
