KUALA LUMPUR: Malaysian palm oil futures rose for a second consecutive session by the close on Friday, climbing by nearly 1 per cent and buoyed by expectations of rising demand and tracking gains in palm kernel oil prices.

Another trader said palm prices were also supported by overnight gains in US soyoil on the Chicago Board of Trade (CBOT). The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange was up 0.9pc at 2,681 ringgit ($625.23) on Friday evening, also its strongest intraday gains in a week.

Traded volumes stood at 51,892 lots of 25 tonnes each at the close of trade. “The market is up on expectations of strong demand,” said a futures trader from Kuala Lumpur, as key markets India and China could stock up on purchases of the tropical oil ahead of the Diwali and mid-Autumn festivals in October.

Published in Dawn, August 19th, 2017