(April 20): Malaysian palm oil futures rose for a third consecutive day on Wednesday, tracking a rally in alternative vegetable oils to reach a near two-week high.
Palm has gained 1.7% so far this week, after falling for two weeks.
The palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange rose 0.8% to settle at 2,709 ringgit (US$701) per tonne at the end of the trading day.
It earlier hit an intraday peak of 2,733 ringgit, the highest since April 7.
Traded volumes were 51,945 lots of 25 tonnes each, higher than the 2015 daily average of 44,600.
"Palm oil is getting a free ride from external markets," said a Kuala Lumpur-based trader, referring to alternative vegetable oils.
"The market is very strong today (on the) soybean and oil run up, this morning Dalian RBD (refined, bleached and deodorized) palm olein also ran up."
The most actively-traded September contract for palm olein on the Dalian Commodity exchange surged 2% on Wednesday.
Among alternative oils, the September soybean oil contract on the Dalian Commodity Exchange gained 1.6%, whereas the May Chicago Board of Trade soyoil contract dropped 0.4%.
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