Palm rises on firmer rival Dalian, crude; set for weekly gain

Business Recorder reported that Malaysian palm oil prices moved higher in early trade on Friday, keeping the market on course for a weekly gain after last week's decline. The November contract on the Bursa Malaysia Derivatives Exchange added 40 ringgit, a rise of 0.82%, to reach 4,944 ringgit ($1,223.76) per metric ton.

Stronger crude oil prices and firmer rival oils traded in Dalian provided support to the market. So far this week, the November contract has risen 0.35%.

The prices cited are from early trade, so they capture only the opening part of Friday's session. The report names no company listed on the Pakistan Stock Exchange, which makes any link to local shareholders indirect. The report gives no further detail on the outlook for crude oil or Dalian prices.