KUALA LAMPUR: Palm oil futures gained for a third straight session to hit their highest in more than six months on Wednesday, as trading breached a psychological barrier and market was upbeat about the industry outlook.
The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange shot up 1.56 per cent to 2,873 ringgit ($685.68). Trading volumes were 57,600 lots of 25 tonnes each. Earlier, the contract hit 2,876 ringgit, its highest since March 8.
It has risen 4 per cent in three days. A Kuala Lumpur-based futures trader said the market likely rallied in anticipation of a positive outlook from an industry event.
Published in Dawn, September 14th, 2017