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

KUALA LUMPUR: Malaysian palm oil futures opened higher on Friday and are on track for a weekly gain after last week’s decline, as firmer crude oil prices and rival Dalian oils supported the market.

The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange gained 40 ringgit, or 0.82%, to 4,944 ringgit ($1,223.76) a metric ton in early trade.

The contract has risen 0.35% so far this week.