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Business

October 13, 2017

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Palm oil rises

Palm oil rises

KUALA LUMPUR: Malaysian palm oil futures on Thursday extended gains for a second session, buoyed by stronger soyoil and technical buying, said traders.

The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange was up 0.7 percent at 2,715 ringgit ($643.98) a tonne at the midday break, posting its biggest daily percentage gain since Oct. 4. Traded volumes stood at 15,117 lots of 25 tonnes each at the midday break on Thursday.

The rise in palm prices was supported by gains in soyoil futures on the Chicago Board of Trade and China´s Dalian Commodity Exchange, a trader said. The December soybean oil contract on the Chicago Board of Trade rose as much as 0.4 percent, while the January soybean oil contract climbed up to 0.1 percent.

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