Palm rises over 3%, set for second weekly slump on weak export fears

KUALA LUMPUR: Malaysian palm oil futures gained more than 3% early on Friday, clawing back gains from the previous session, although the contract is set for a weekly slump on expectations of slow exports as rival Indonesia pushes to increase shipments.

The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange gained 106 ringgit, or 2.97%, to 3674 ringgit a tonne during early trade.

Palm reverses early gains to hit more than one-year low

For the week, the contract has slumped 11.8%, down for a second consecutive week.