Palm oil surges 4.6 percent

Reuters

SINGAPORE: Malaysian palm oil futures surged 4.6% on Friday to their highest close in more than three months, boosted by market talks of a surge in June exports so far and higher crude oil prices.

The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange closed at 2,475 ringgit ($580.03), its highest since March 6.

The contract gained 3.8% for the week, its sixth straight weekly gain.

Prices were supported by firmer external markets and talks that exports rose about 55-57% between June 1-20, a Kuala Lumpur-based trader said.