KUALA LUMPUR: Malaysian palm oil futures rose over 1 percent on Friday evening, rising to a two week high, backed by gains in related edible oils such as soyoil on the U.S. Chicago Board of Trade, and as export demand remains firm.
The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange was up 1.4 percent at 2,523 ringgit ($644.12) a tonne at the close of trade, its strongest daily gain since the start of the year.
It earlier rose to an intraday high of 2,538 ringgit, its highest levels since Feb. 12, and was up 0.6 percent for the week.
Data for the February 1-25 period is scheduled for release on Monday after 0300 GMT.
In other related oils, the Chicago Board of Trade’s March soybean oil contract rose 0.4 percent, in line with gains in soybean futures as severe drought in parts of Argentina’s oilseed producing regions is expected to hit production.
