Palm oil rises

KUALA LUMPUR: Malaysian palm oil futures were on track for their second straight session of gains on Thursday, buoyed by overnight rise in soyoil prices on the Chicago Board of Trade (CBOT).

However, traders expect palm´s gains to be curbed due to profit-taking ahead of a long weekend. The Malaysian stock market will be closed on Friday for a public holiday.

The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange rose 0.1 percent to 2,773 ringgit ($660.55) a tonne at the midday break.

The market climbed, snapping four consecutive sessions of declines, tracking weakness in related edible oils and bearish price outlook at an industry conference last week.