KUALA LUMPUR: Malaysian palm oil futures jumped more than 3% on Friday and logged their third straight weekly rise, lifted by a weaker ringgit and tracking stronger rival oils on the Dalian Exchange.
The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange closed up 129 ringgit, or 3.42%, at 3,898 ringgit ($930.53) a tonne, its largest one-day rise since June 15.
Palm advanced 2.9% this week, marking its longest weekly gaining streak since early January.
The Malaysian Palm Oil Board is also scheduled to release June supply-and-demand data on Monday.
The Malaysian Palm Oil Association this week estimated June production to rise 1.6% from the month before, according to traders, much slower than a 7.5% rise predicted in a Reuters Survey.
Dalian’s most-active soyaoil contract gained 2.1%.