KUALA LUMPUR: Malaysian palm futures climbed to their highest in a week on Thursday, recording a second consecutive session of gains as stronger crude oil supported the market.
Benchmark palm oil futures for February delivery on the Bursa Malaysia Derivatives Exchange rose 0.2 per cent to 3,079 ringgit ($690) a tonne in the evening. Earlier in the session, they hit an intraday high of 3,091 ringgit, the strongest since Nov 24.
Traded volumes stood at 39,540 lots of 25 tonnes each, below the 2015 average of 44,600 lots traded in a day. Last week, palm oil rallied to post six consecutive sessions of gains, hitting a four-year high of 3,098 ringgit on Nov 24.
While palm rose, tracking stronger crude oil as well as related edible oils on the Chicago Board of Trade and China’s Dalian Commodity Exchange, gains were muted ahead of the official data release from the Malaysian Palm Oil Board on Dec 13, a trader from Kuala Lumpur said.
Published in Dawn, December 2nd, 2016
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