KUALA LUMPUR (Nov 9): Shares in Innoprise Plantations Bhd rose as much as 13 sen or 11.11% to RM1.30 today, buoyed by higher palm oil prices and production.

As at 4.15pm, the counter stood firm at RM1.30, its intra-day high so far, after some 148,000 shares were exchanged.

Innoprise announced in a bourse filing yesterday that its fresh fruit bunches (FFB) production for the month of October 2017 passed the 20,000-metric-tonne mark for the first time.

At 21,790.11 metric tonnes, it is the highest monthly production figure Innoprise has reported since April 2014, which was when the company reclassified its sector from industrial products to plantations.

Since its reclassification, Innoprise's FFB monthly palm production has been ranging between 7,255.20 metric tonnes and 19,355.29 metric tonnes.

Today, Malaysian palm oil futures climbed to its highest in a week, tracking strength in crude oil prices, Reuters reported.

The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange was up 0.3% at RM2,827 a tonne as at the midday break. Earlier in the session, it rose to RM2,835 — its strongest since Nov 2.

Reuters market analyst predicts palm revisiting its Oct 30 high of RM2,855 per tonne.

Crude oil prices held steady on Thursday, supported by ongoing supply cuts led by Russia and the Organization of the Petroleum Exporting Countries (OPEC).

It hit its highest since July 2015 earlier this week on an anti-corruption crackdown in oil producer nation Saudia Arabia.