KUALA LUMPUR: Malaysian palm oil futures climbed to their highest in a week on Thursday, in line for a third straight session of gains, tracking strength in crude oil prices. The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange was up 0.3 percent at 2,827 ringgit ($668.80) a tonne at the midday break.
Earlier in the session, it rose to 2,835 ringgit, its strongest since Nov 2. Traded volumes stood at 15,115 lots of 25 tonnes each at noon. "Crude oil prices are up. Palm oil to gasoil spread is at a low, resulting in energy companies buying palm and selling gasoil," said a palm oil futures trader.
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