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Palm oil rises

September 14, 2017

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