KUALA LUMPUR: Malaysian palm oil futures extended their gains slightly on Monday, supported by overnight strength in soyoil on the Chicago Board of Trade (CBOT) and other related oils on China´s Dalian Commodity Exchange.
However, the muted approach in market could be due to profit-taking after palm´s recent sharp gains. The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange inched up 0.04 percent to 2,758 ringgit ($653.86)a tonne at the midday break, in line for a fourth straight session of gains. Traded volumes stood at 21,137 lots of 25 tonnes each at the midday break. "The palm market moved higher in the morning on China´s Dalian Commodity Exchange and overnight soyoil prices," said a futures trader from Kuala Lumpur, referring to the CBOT.
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