Palm oil rallies over 6% on concerns over hot, dry weather

KUALA LUMPUR: Malaysian palm oil futures soared more than 6% on Friday as dry weather curbed prospects of palm and U.S soybean production, setting the contract up for a sharp weekly jump.

The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange gained 216 ringgit, or 6.13%, to 3,723 ringgit ($806.54) a metric ton during early trade.

Palm oil rises for third day on concerns over dry weather

For the week, palm has risen 10.5% so far.