05/10/2017 (The News International) - KUALA LUMPUR: Malaysian palm oil futures hit one-week highs on Wednesday, supported by technical buying and expectations of a slight rise in end-September inventory levels.

The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange was up 1 percent at 2,709 ringgit ($641.26) a tonne at the midday break, heading for a second straight gain after four consecutive losing sessions. Earlier in the session, it rose to its strongest level since Sept. 28 at 2,711 ringgit.

Palm, which had shed 1.5 percent last week in its second straight weekly decline, has gained 0.5 percent so far this week. Traded volumes stood at 17,641 lots of 25 tonnes each at noon on Wednesday. "The market is seeing some technical buying as profit-taking had happened earlier," said a futures trader.