KUALA LUMPUR: Malaysian palm oil futures rose in early trade on Monday to their strongest in a month and a half, tracking gains in rival edible oilseed soy on the Chicago Board of Trade (CBOT).
A stronger export outlook and weaker-than-expected production growth were other factors supporting the positive sentiment, said traders. The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange rose 1 percent to 2,845 ringgit ($671.47) a tonne, in line for a fourth straight session of gains. It earlier rose to a high of 2,855 ringgit, the strongest since Sept. 15. Traded volumes stood at 14,823 lots at the midday break. "The market is up on technical buying," said a futures trader from Kuala Lumpur, referring to soyoil on the CBOT and China´s Dalian Commodity Exchange.
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