Palm oil up

KUALA LUMPUR: Malaysian palm oil futures were set for the first gain in five sessions in early trade on Wednesday, supported by rising export demand and strength in soyoil overnight on the Chicago Board of Trade (CBOT).

The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange rose 0.5 percent to 2,780 ringgit ($663.25) a tonne at the midday break.

The rise followed four straight days of declines as palm tracked weakness in related edible oils and was also pulled lower by bearish price outlooks at an industry conference last week.

Traded volumes stood at 27,555 lots of 25 tonnes each at noon. "The market is higher on better soyoil, closing (higher) last night," said a futures trader from Kuala Lumpur, referring to CBOT soyoil.