KUALA LUMPUR: Palm oil futures rose for a third straight session on Monday, touching a one-week high on support from US soyoil although a stronger ringgit weighed on the market.

The benchmark palm oil contract for November de­­livery on the Bursa Malaysia Derivatives Exchange was up 0.7 per cent at 2,254 ringgit ($549.09) a tonne at the close of trade. Earlier in the session, it rose to 2,260 ringgit, matching an intraday high hit on Aug. 10. Trading volumes stood at 28,540 lots of 25 tonnes each on Monday evening.

“External markets have been steady, lending support to palm,” said a futures trader, adding that appreciation in the ringgit may cap gains.

Published in Dawn, August 21st, 2018