Palm oil rises for 2nd day

KUALA LUMPUR, Sept 19 (Reuters): Malaysian palm oil futures extended gains to a second consecutive session on Thursday, underpinned by firmer soyoil prices and production concerns in the world's second-biggest producer.

The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange closed 34 ringgit, or 0.88 per cent, higher at 3,879 ringgit ($921.82) a metric ton.

The contract rose as much as 3.17 per cent to trade at a high of 3,967 ringgit a metric ton earlier in the session before paring back the gains.

The rebound in soyoil prices is supporting Malaysian palm oil futures, with production concerns in Malaysia lending further support, a Mumbai-based dealer said.

Dalian's most-active soyoil contract rose 1.21 per cent, while its palm oil contract added 3.6 per cent. Soyoil prices on the Chicago Board of Trade were up 0.05 per cent.

Palm oil tracks prices of rival edible oils as they compete for a share of the global vegetable oils market.