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NEWS ADMIN

DATE

14/09/2017

NEWS PROVIDER

Nazlin Ismail

NEWS SOURCE

The News International

CATEGORY

HEADLINE

Palm oil higher

14/09/2017 (The News International) - KUALA LUMPUR: Malaysian palm oil futures extended gains to hit their highest in more than six months on Wednesday, but a slide in soyoil prices curbed the rally.

The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange was up 0.32 percent at 2,838 ringgit ($676.04) by the midday break.

Earlier in the session, it hit 2,864 ringgit, its highest since March 9. Trading volumes were robust, at 22,047 lots of 25 tonnes each.

Palm remained firm after two sessions of rally, although, softer soyoil prices will now slightly weigh on palm´s upward momentum, said a Kuala Lumpur-based futures trader.

"Palm oil is strong, but has come off its highest as CBOT and Dalian soyoil are also off their highs.