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SINGAPORE: Malaysian palm oil futures jumped 5% on Friday, climbing to their highest level since 2008 and recording their biggest weekly gain since 2001, underpinned by growing concerns over global supplies.

The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange last traded up 210 ringgit, or 5% ringgit, at 4,425 ringgit ($1,076.64) a tonne. The third-month contract hit its highest since March 2008 at 4,434 rinngit a tonne.

“Palm prices are high now fuelled by a second day of triple digit gains on Dalian and higher soyabean oil close on CBOT but palm fundamentals remain the same,” said Sathia Varqa, co-founder of Singapore-based Palm Oil Analytics. “Some cash prices moved a notch higher, noticeably palm olein spot was up $35 from yesterday’s last prices.”

The futures contract was set for a 14.4% rise for the week, its biggest since 2001.

The contract for spot-month May delivery was trading at a record high of 4,885 ringgit a tonne.

Palm oil is being supported by a rally in the global agricultural market led by Chicago corn and soyabean futures, which are trading at multi-year highs.

“CPO futures opened gap higher on second straight day following persistently bullish momentum in global soyabean oil and rapeseed oil markets, renewed palm oil buying from China and a strong undercurrent in Chinse RBD palm olein, soyaoil and rapeseed oil futures, creating more hedge opportunities which could attract fresh buying,” edible oil brokerage Sunvin said in a note.

China’s soyabean imports in April rose 11% from the same month a year earlier, boosted by the arrival of some delayed Brazilian cargoes, customs data showed on Friday.

China, the world’s top importer of soyabeans, brought in 7.45 million tonnes of the oilseed in April, up from 6.714 million tonnes a year earlier, according to General Administration of Customs data.

Dalian’s most-active soyaoil contract rose 1.9%, and its palm oil contract gained 2.6%. Soyaoil prices on the Chicago Board of Trade BOcv1 were up 1.5%.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.